BTCUSD 1H time-frame update on the Channel Down

This is a continuation of my 1H time-frame series, last of which was the Channel Up I posted 4 days ago:


The price made a strong rebound on the Lower Lows trend-line and BTC finds itself now rejected again on the Lower Highs trend-line. This rejection has already created the foundation for a new Channel Down (dashed lines), which based on the previous two, should lead to a Lower Low.

As you see the two previous Lower Highs were roughly on the 0.786 (yellow line) Fibonacci retracement level. This time the Lower High was well above the 0.786 level. The RSI that led to that Lower High is more similar to the May 24 than the June 03. Same with the MACD. This could mean that the price may rebound on the Symmetrical Support (2) (green zone) as it happened on May 29, instead of the Symmetrical Support (1) as on June 08, or lower.

Is this enough to disrupt the Channel Down later on? What do you think?



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