FibnFork

FibnFork

This pitchfork which has defined the range of this bear market from the peak in December has finally been broken to the upside.

FibnFork

Bitcoin is moving into a large area to really test whether bulls are in control. Long-term Trend line 38.2% fib level & previous pivot area 50DMA 60 RSI (60 RSI is key resistance in a bear market)

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Near term resistance right now at the 75% line of pitchfork, breach higher targets the 200DMA alongside the 38.2% retrace of feb->april decline.

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Strong weekly rebound after a test of the long term trend line (starting april 2017), gave eurusd a push to test the median pitchfork line. And now the price is stuck between these 2 levels waiting for a breakout.

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Best bitcoin weekly performance since the 12th Feb helped by an impressive short squeeze, sets sights on a retest of the 200DMA and 50% fib retrace of entire range. This weekly chart also highlighting the power of slopes. In particular this long-term schiff pitchfork. The median line has provided support on the February collapse and the most recent 3 weeks. So in...

FibnFork Updated 

Large breakout move today from its narrowing range between 2 key median pitchfork lines (triangle formation) triggered a huge short squeeze (red line showing number of shorts on bitfinex). A short squeeze is when price runs through a key resistance level liquidating short positions. As these positions liquidate it drives price higher in turn liquidating more...

FibnFork Updated 

Caught between 2 long-term median pitchfork lines producing a triangle pattern. Break to the upside targets previous high. Break to downside targets the 50% slope in pitchfork and previous low made on 6th feb

FibnFork Updated 

Just a look at the slopes defining the price action of bitcoin in the long-term log scale. Highlighting the key pivots on the 50 line and median line. Fib levels are the entire range

FibnFork Updated 

Ultimately in a triangle. Both pitchforks remain constructive. First upside barrier is 200DMA. Bullish invalidation is below the median line of red pitchfork and lower bounds of triangle (red circle). Longer term bull run confirmation will be a break to upside of the triangle.

FibnFork Updated 

Bars pattern overlayed on chart. March 2017 down 27% in 9 days. March 2018 down 34% in 9 days. C = 61.8% of A Wave 2 = 61.8% retrace of wave 1 Now testing key median line.

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Head and shoulders forming on the dxy. Going to open at pitchfork support, break of this and support just beneath around 90 will look to open up downside test of the range low. Ultimately looking for a final push towards trend line support.

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Break of downward slope & hold above 200DMA to provide impetus for a push to the upside? Opening at good short term resistance, a break of this early to push us higher throughout the week.

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Modified schiff pitchfork dictating movement for cable. 75% line & 50% retrace providing near term resistance, key level will be the upper slope for a push higher. Median line, march low will be the key level for the downside

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Some whipsaw action after ECB rate decision & US NFPs/wage data, brings us back to the long term median pitchfork line. Ultimately we're in a range between ~1.25 and ~1.22 so best trading strategy is to wait for test and break/reversal of either of these levels. Shorter term this 50% retrace, median line, and slope support could provide a kick higher.

FibnFork Updated 

Consecutive news pieces seems to have driven the massive sell-off yesterday across the crypto space. The binance confusion SEC exchange concern Mtgox dumping bitcoin still None of these news pieces warranted a reaction like this, but fear is what drives every market. Binance was not hacked as first feared and have since reversed every trade. Most users...

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Sell-off has brought us back down to trend line support which was well respected on the 6th feb low. Also in that area is the 61.8% fib retrace off 6th feb climb & the 78.6% retrace off the 30th nov -> 13th jan climb.

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Recent sell-off has pushed us to the 61.8% retrace 3rd feb -> 20th feb climb & the 100% extension off the 20th-23rd dip. Pivot in price around $165 also a key level. Dip below these levels targets the 200DMA & trend line confluence.

FibnFork Updated 

Right now trading around the 1st key support level. Trend line starting on the 8th feb, the 50% retrace off 25/2 -> 5/3 climb & the 161.8% extension off 1st wave lower. Break of this level will see extended drop to potential range bottom @~$9500 which is the 38.2% fib retrace off entire climb from 6th feb bottom & a previous key pivot range.