Bitcoin was almost to start another leg higher but has failed to stay above the first warning line (WL1) of the minor ascending pitchfork, has also failed to reach the upper median line (uml) of the minor descending pitchfork, so the current drop is natural. A valid breakdown below the median line (ml) of the minor descending pitchfork could signal a drop towards the lower median line (lml). However, support can be found at the median line (ML) of the ascending pitchfork and at the 61.8% retracement level, so only a breakdown below these levels will confirm a drop towards the 8000, 7000 psychological levels. A larger rebound will be confirmed only if the rate will increase and will make a valid breakout from the minor descending pitchfork.


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