Bitcoin Moving inside Pitchfork 53K End of may
I have notice that Bitcoin moved inside two well define Pitchfork
One that started in July 2021 and finished in November 2021 when BTC reached 69K$
The second that brought the Btc from 69 KS to 34J$
Now seem that the 3rd Pitcfork is started and if correct we should see bitcoin in the area of 53K between May and June depending of how much strong is the trend to go over the resistance in the area 49K$
Form more info on Pitchfork indicator see the below quote from Investopedia and link for further information
Andrews' Pitchfork is a technical indicator that uses three parallel trend lines to identify possible levels of support and resistance as well as potential breakout and breakdown levels. It is created by placing three points at the end of previous trends and then drawing a line from the first point that runs through the midpoint of the other two points.
investopedia.com/terms/a/andrewspitchfork.asp
As you can see from the chart above, this stock has found support near the bottom trendline twice over the past quarter, which makes positioning a stop loss just below this level a logical choice. If the security breaks above the resistance of the center line in this example, the target will then change to the top line and the center line will then become the new support. It is not uncommon for a trader to sell a security near the resistance of the center line and then see it break through and head higher. This is the main reason why other indicators should be used to confirm the reversal.
investopedia.com/ask/answers/05/andrewpitchfork.asp
One that started in July 2021 and finished in November 2021 when BTC reached 69K$
The second that brought the Btc from 69 KS to 34J$
Now seem that the 3rd Pitcfork is started and if correct we should see bitcoin in the area of 53K between May and June depending of how much strong is the trend to go over the resistance in the area 49K$
Form more info on Pitchfork indicator see the below quote from Investopedia and link for further information
Andrews' Pitchfork is a technical indicator that uses three parallel trend lines to identify possible levels of support and resistance as well as potential breakout and breakdown levels. It is created by placing three points at the end of previous trends and then drawing a line from the first point that runs through the midpoint of the other two points.
investopedia.com/terms/a/andrewspitchfork.asp
As you can see from the chart above, this stock has found support near the bottom trendline twice over the past quarter, which makes positioning a stop loss just below this level a logical choice. If the security breaks above the resistance of the center line in this example, the target will then change to the top line and the center line will then become the new support. It is not uncommon for a trader to sell a security near the resistance of the center line and then see it break through and head higher. This is the main reason why other indicators should be used to confirm the reversal.
investopedia.com/ask/answers/05/andrewpitchfork.asp
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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.
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.