Bitcoin went to 7125 and 3 times has attacked to it. But it failed every time. And now the KS is crossing the candlesticks over and over.
So in such situations a strong resistance area will be formed there often that it prevent bitcoin uptrend continuing .
Also when we see the chart on 4h time frame we can see a rising wedge that it’s formed from August 14th . So that’s important. And another important tool is pitchfork that I drawed it on chart as you see now.
But our question is what can happen?!
Due to the candlesticks have touched middle line for 2th time I think this pitchfork is true. So now we can expect that it go to down side of this. Also due to it crossed the rising wedge that it may be support on this.
One other thing is that today ETF has a session about accepting or rejecting Bitcoin.
If it will be accept I expect that it go into upper channel and if it will be reject again I expect that it breakout the support and going down to the pichfork side
I think generally it depended on today ETF result.
Update 30 Aug
Our TP 1 & 2 has touched successfully!
Due to TP 2 is on bottom side of our channel / pitchfork it may reverse from here to top of the channel again
Anyway if it’ll be broken I expect the next targets (yellow arrows) will be touched. And if it continues more, I think it’s gonna touch 6500!