$BTC dueling pitchforks
Instructions:
0. Read this great series on Andrew's Pitchfork https://www.optuma.com/pitchforks-part-1/
1. Set timeframe to weekly and Y axis to log.
2. Configure a level-colored bullish pitchfork (schiff) on points P0, P1, P2. I activated the lines: 0.618, 1, 1.272, 1.618, 2.618, 4 and 5, where I detected S/R levels. There are many more options, of course.
3. Configure a level-grayed bearish pitchfork (original) on points P0a, P1a, P2a. I activated lines 0.382, 1, 2.618, 4.618, 7.272, 10.272, 12.272 where I detected S/R levels. I put some color to current and future levels (remember levels are symmetric respect median line)
4. Activate "extend lines" in both pitchforks, and suddenly you will see levels being respected in the past, before P0 and P0a.
With this configuration, you can see many lines of support and resistance for both pitchforks that were respected very clearly.
In this moment, we are between the 1 and 1.272 of the bullish pitchfork, and have the resistance of the 4.618 (red line) of the bearish pitchfork.
Some observations:
- The bearish pitchfork is important as serves a time axis somehow. Adding lines and zooming in serves a lot to detect other levels.
- Only in traumatic situations we went all down to the purple line (march 2020 last).
- The yellow, pink and green lines have been most of our support since 2015, except march 2020. Even going to the green line will give us 31-33K as lowest level. Going to the purple line will be around 20K.
- The ATH of different cycles were in the 5 (nov 2013) and 4 (dec 2017) extensions. The one currently only reached the extension 1 (bold red - P1).
- If we would be doing a huge cup & handle between P0A and P1 (with the handle ending at P2), the target would be around 95K.
0. Read this great series on Andrew's Pitchfork https://www.optuma.com/pitchforks-part-1/
1. Set timeframe to weekly and Y axis to log.
2. Configure a level-colored bullish pitchfork (schiff) on points P0, P1, P2. I activated the lines: 0.618, 1, 1.272, 1.618, 2.618, 4 and 5, where I detected S/R levels. There are many more options, of course.
3. Configure a level-grayed bearish pitchfork (original) on points P0a, P1a, P2a. I activated lines 0.382, 1, 2.618, 4.618, 7.272, 10.272, 12.272 where I detected S/R levels. I put some color to current and future levels (remember levels are symmetric respect median line)
4. Activate "extend lines" in both pitchforks, and suddenly you will see levels being respected in the past, before P0 and P0a.
With this configuration, you can see many lines of support and resistance for both pitchforks that were respected very clearly.
In this moment, we are between the 1 and 1.272 of the bullish pitchfork, and have the resistance of the 4.618 (red line) of the bearish pitchfork.
Some observations:
- The bearish pitchfork is important as serves a time axis somehow. Adding lines and zooming in serves a lot to detect other levels.
- Only in traumatic situations we went all down to the purple line (march 2020 last).
- The yellow, pink and green lines have been most of our support since 2015, except march 2020. Even going to the green line will give us 31-33K as lowest level. Going to the purple line will be around 20K.
- The ATH of different cycles were in the 5 (nov 2013) and 4 (dec 2017) extensions. The one currently only reached the extension 1 (bold red - P1).
- If we would be doing a huge cup & handle between P0A and P1 (with the handle ending at P2), the target would be around 95K.
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