BTC is currently resting on pitchfork 1.75 fib support. I don't imagine it holds, as there is almost zero historic price action in this range. The full extension of the pitchfork is confluent with the .618 fib retracement level, which to me makes perfect sense for a bounce. If this holds, we validate the bullish case for a potential reverse in market sentiment => establishing a higher low which hasn't happened during this bear market. Watching this VERY closely.
Target Long entry would be between 6720 and 6850. 6720 is bottom of golden pocket (.65 fib retracement) and has a lot of historic price action. Also it is a fake-out break-out from the pitchfork.
I'm afraid that if 6675-6700 doesn't hold, we set up a scenario that most likely re-tests the April lows (6400), then June lows (5800). 5800 has been tested 3 times, so likelihood of it holding is not very likely. Pray for a bounce here...
Target Long entry would be between 6720 and 6850. 6720 is bottom of golden pocket (.65 fib retracement) and has a lot of historic price action. Also it is a fake-out break-out from the pitchfork.
I'm afraid that if 6675-6700 doesn't hold, we set up a scenario that most likely re-tests the April lows (6400), then June lows (5800). 5800 has been tested 3 times, so likelihood of it holding is not very likely. Pray for a bounce here...