BTCUSD pitchfork pattern analysis
Pitchforks drawn from highest/lowest points point to BTCUSD likely taking the path drawn by the blue arrow (actually it already went up since I drew the arrow a bit earlier today). Yesterday it went below the bottom line of the second pitchfork (I count th em from left to right from their starting point, the beginning of the red line) and when that happens the price usually bounced backup (which it did). Multiple lines intersect or reach the red circle which makes it likely that the price may end up there. Caveat: the last pitchfork is based on a limited number of bars and still rather narrow. Therefore, it's very possible that the price will extend beyond it and thus expand the pitchfork. That will change where the last pitchfork's lines will intersect the lines of the pitchforks but it should still be along the lines of the other 2 pitchforks (which have more history and are more stable).
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"Like it" if you like it! Add your comments, questions or concerns if you have any.
DISCLAIMER: Security trading involves substantial risk of loss. My analysis is not trading advice. Do your own research first and/or consult a financial advisor. I'm not responsible for any losses you may incur following my analysis.
Note
I hear from the news that bitcoin's current fall was bitcoin's reaction to the news that Trump has coronavirus. It went down to the support lines I drew earlier after which it bounced back up. The ToW indicator's purple line also reached a support line pointing to a likely bounce back up. Note
BTCUSD went up nicely to the red line. Now I expect BTCUSD to fall, possibly to the intersection of the of blue and green line (around 10970). See related idea: tradingview.com/chart/BTCUSD/b6OPeXEp-BTCUSD-analysis-based-on-pitchfork-patterns-and-ToW-indicators/.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.