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Pitchforks

Information about PITCHFORK (Andrew's Pitchfork)Pitchfork a simple yet effective tool, if implemented correctly, can offer you dynamic levels to watch which one could have ignored otherwise. ------- Pitchfork has three points ------- 1) Anchor Point 2) High Point of TREND 3) Low point of TREND ------- Quality of Pitchfork ------- 1) Applying Pitchfork on Higher timeframes to Judge where we are in a macro trend is a good way to use Pitchfork and to see if MACRO trend is actually changing or not. 2) Number of interaction points to the median line and extreme lines which can act as DYNAMIC support or resistance lines is crucial. 3) HAVING your ANCHOR POINT between High and Low of next TREND is OPTIMAL way to get good result from your PITCHFORK. If you would like me to update this with how to use pitchfork and post more educational content, then please do like this idea and comment your queries which i will try to answer. My previous ideas :-
INDEX:BTCUSDEducation
by StunnerStock
TSLA BullishNASDAQ:TSLA TSLA daily chart. Price broke above the (green-descending) major fork and briefly consolidated after a retest of the U-MLH. Following the retest and consolidation, price rallied on Friday to close the week. I'm expecting price to continue higher: based on the pitchfork breakout, bullish Ichimoku Cloud set-up, and upcoming stock-split. The next logical target for price is the trigger line of the (green) major descending fork. I plotted a (purple) ascending minor fork from the lows to show a probable path towards the trigger-line. The minor fork intersects the trigger line in the $1050-$1075 range. I have also plotted a "Greedy Target" at $1150 , using the price level of the "C" pivot of the major descending pitchfork. The "C" pivot level would be the next logical target if price were to continue higher after reaching the trigger line. While the "Greedy Target" is not my first choice, it is certainly a possibility if the upcoming stock split significantly boosts buying pressure. I'm going to look for a long entry on Monday. I'll stay long until my targets are reached; or close the trade early if price breaks below the L-MLH of the minor fork. Fat_Fat
NASDAQ:TSLALong
by Cousin_Fat_Fat
11
The Inflection point is almost here! As Bitcoin is approaching the last down trending line , Will zoom in on some key zones and dates. On the 8H chart we currently have 2 uptrends . The blue lined Channel and the pink pitchfork. On the bullish side a solid close above the pink fork's median line coinciding with a break of the down trending green line approx price at $26550-$26850. These 2 lines cross paths on 21 August. Mildly bullish a hold on the lower parallel breaking the green line to the upside approx price $25500. These 2 lines cross paths on 28 August. I say mildly bullish because there is a chance that it turns out to be a fake break of the green line as within the pink pitchfork we would be losing momentum testing the lower parallel with all attempts to get back above the median line proving fruitless. Mildly bearish scenario a break below the pink pitchfork prior to crossing the Green down trending ( prior to 28 August ) . Mildly bearish as we still have the blue channel support. Bearish would be breaking the Blue channel to the downside. These 2 lines cross paths 16-18 Sept. Adding to the 2 uptrends on the 8H is this uptrend on the H1 . Some nice moves to the upside from top yellow parallel line , however all fading quickly just below the upper quartile line. Would like to see it hold and base above the median line to give the bullish cases described above the best outcome. A break of this fork to the downside though could be an early indication of the bearish outcomes. All the best. cheerio FXcrypto
COINBASE:BTCUSD
by zerolagtrading
BTC Weekly AnalysisBINANCE:BTCUSDT COINBASE:BTCUSD The long-term and short-term viewpoints are both crucial to our analysis: First, we will look at the market's perspective over the long run. Since the latest increase in the upward price cycle, Bitcoin's movement has been moving in a fork structure and, based on the current market trend and the resistances it is facing, has generated lower bottoms up until this point. According to the framework controlling the market, the ascending channels will, in most circumstances, break from the floor and make lower floors. The price has been moving in an ascending channel during the past few weekly candles. We should also anticipate another lower floor from Bitcoin given this structure and the shape of the just produced candles. Expect the channel to break from the bottom if Bitcoin is unable to move past its most recent run-in with the bottom of the channel and go higher (if the daily candle does not close above 20,000). However, when we examine the volume of recent transactions, we notice a large increase in the volume of recent candles. This perception may result in the formation of a strong price floor that propels price growth toward 26,000. (even higher). Of course, we shouldn't let this expansion obscure the market's underlying negative structure (the growth will be temporary). An important level for Bitcoin can be seen at the lower levels; this level, which is highlighted in red, will be crucial for the price's future. We do not anticipate a price decline to levels of 14444 and 14058 after it breaks through this barrier. If the analysis satisfied you, please follow & support our team by telling your friends. CrazyS
by CrazyS
BTC/USD - Is it a Rising Wedge or a Falling Wedge?Quick BTC/USD 1 week chart update: BTC is in a massive Rising Wedge Pattern. BTC is also in a massive Falling Wedge Pattern. At the moment of typing this, BTC is still back above its 200MA on this 1 week timeframe. At the moment of typing this, BTC is still way below its 50MA on this 1 week timeframe. At the moment of typing this, BTC is still way below its Bollinger Bands Middle Band Basis 20 period SMA. Note that the Upper Band is curving downwards and the Lower Band is starting to curve around slightly. At the moment of typing this, BTC is still back above its Least Squares Moving Average (LSMA) on this 1 week timeframe. BTC is still in its Descending Pitchfork Pattern above the Median Line and back above its Upper Green Resistance/Support line. It will probably be some time before we see BTC back above the Ichimoku Cloud Equilibrium Zone and back in the Bullish Zone on this 1 week timeframe but that doesn't mean profit cannot be made while the Price is still in the Bearish Zone under the Equilibrium Zone, that is why it's always best to check multiple timeframes for any potential breakouts on those. Looking at the Average Directional Index Indicator (ADX DI), we can see that Negative Momentum has continued to drop with the -DI (Red Line) dropping to 31.45. Positive Momentum has dropped slightly with the +DI (Green Line) at 15.01. The Trend Strength has increased with the ADX (Orange Line) at 32.18 note it is still above its 9 Period EMA (White Line) which is at 28.89. Looking at the Moving Average Convergence Divergence Indicator (MACD), we can see that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line but it has risen sharply with Red Histograms decreasing in size and it looks like we could soon see the MACD Line (Blue Line) crossing back above the Signal Line (Orange Line) creating a Buy Signal on this 1 week timeframe. Note that the MACD Line (Blue Line) has not been in the Positive Zone above the 0.0 Base Line since the 10th Jan 2022. For the mid to longterm upside, be on the lookout for a successful weekly close above the 28.60% ($24,314) Fib Re-tracement level and any successful re-test as strong support. For the mid to longterm downside, be on the lookout for a weekly close back under the LSMA and 200MA with any successful re-test as strong resistance. So a Rising Wedge or a Falling Wedge? Which will it be?……. only time will tell. I hope this is helpful with your trading and hodl-ing. Notes: 200MA = Red Line on chart 50MA = Yellow Line on chart LSMA = Cyan Line on chart
BITSTAMP:BTCUSD
by TradingThroughTheLens
6
Keeping an eye on GBP/USD OANDA:GBPUSD GBP/USD appears to be putting in a bottom. RSI/MACD showing bullish divergence and price has just made an exit from a Descending Wedge. If price can hold above $1.17, I'm expecting GBP/USD to eventually reach $1.30 The $1.30 price level coincides with the median line of the (red) Schiff Pitchfork, and is approximately a 50% retracement of the drop from $1.42 to $1.17 I'm not putting on a trade just yet, but I will enter a long position on a double-bottom that stays within the Schiff Pitchfork and arc. Stay Tuned. Fat_Fat
by Cousin_Fat_Fat
Solana Action/Reaction Short/Long (2 for 1) SpecialKUCOIN:SOLUSDT Price bottomed out in June 13th and has been navigating through an ascending triangle. I'm expecting the resistance along the flat-top of the ascending triangle to hold one more time. This would also qualify as a Hagopian gap, which should push price down substantially and out of the primary fork. A perfect place for the short term down-move to find support would be the lower boundary of the triangle; which just so happens to coincide with the trigger line of the fork. (Trigger Line = Red Dashed Line) (Purple Dotted Lines = Fib Extensions 1.618, 2.618, 4.236, 6.854) & (Purple Dashed Lines = Linear Extensions 2, 3, 4, 5) The Fork's extension lines have been interacting with price quite well, and serving as textbook action/reaction lines. If the triangle/trigger line support holds, I'm expecting a violent bullish breakout of this ascending triangle that should move upward along the extension lines. The height of the triangle and 1.618 fib extension point to a breakout target around the $68-$70 area. Although an even bigger move to $78-$80 level is also possible. Currently, I'm short at $46 with a stop-loss set at $49 I hope to close the short and go long on a retest of the lower triangle support line/trigger line. If price breaks through the upper line of the triangle before heading lower, I may flip long with a tight stop. I'll update this idea if I make any moves. Let's see what happens.
by Cousin_Fat_Fat
Algorand Knife CatchingBINANCE:ALGOUSDT Algorand might be ready to make a big move to the upside. Alts and Algorand by itself, both look bullish against BTC. ALGO/BTC: Altcoin Index/BTC: Looking at Algorand alone: After a 90% decline, Algorand might be putting in a bottom. Bullish Evidence: Weekly MACD crossing bullish, Weekly RSI rising out of oversold levels, Weekly Heiken Ashi candles bullish, Support levels from 2020 are directly below, Daily Ichimoku is a penny away from a "Buy" signal. If this bottom holds and price stays within either of the Pitchforks, the upside median line take-profit targets are massive. It's a textbook Pitchfork trade, that has already seen 6 weekly candles test/retest either of the two L-MLH. Stop-Loss can be set just below the pivot at $0.27. (I'm going with $0.25) In my opinion, a 20-25% drawdown on an appropriately sized position is worth it, considering the upside.
Long
by Cousin_Fat_Fat