Will BTC Respect the Channel?
On this 4h chart, since BTC broke the green trend line, I see it following a descending channel. It recently hugged the upper trend line of that channel, but has begun to break down from there. Retesting the bottom trend line of the channel would put us somewhere around $6800, depending on how fast it takes BTC to cross the channel. I think retesting the bottom of the channel will happen sooner or later. If we were to repeat the fractal in the blue box on a slightly larger timeframe, this could happen as soon as June 10 or 11. However, there are supports around $7600 and $7225 that may take longer to push through than the weaker supports that were in the way the last time BTC traversed the entire channel. DISCLAIMER: I am a not a good trader and this is not financial advice!
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