Bitcoin: If I could use one only Pitchfork. This would be it!
Hi all,
I want to share a very special chart with you today. It is one of the most interesting charts I've made so far.
I have often seen people using curved TL's to encapsulate all of the PA of Bitcoin and predict when THE bounce will happen. And even though I acknowledge the use of the curve with for instance parabolic moves up or down I think you should take the actual location of the resistance with a grain of salt. It is very easy to make that line fit, and once it is broken it is easy to make it fit yet again making it a very unreliable resistance/support line. Wouldn't it be better if you could use fib lines that are fixed.
I found this Pitchfork a couple of months ago (and posted it on Twitter) and since then I have been amazed by the accuracy of it and use it a lot to determine next target locations. It is taken from the first three pivot points of bitcoins life and as you can see all major tops and bottoms have hit important fib levels to the tick. It stuck to the median line for over 2 years before heading up to 20k, which was exactly the 1.618 fib line btw.
You can check out all other fib lines by yourself, but in order to keep the chart relatively clean I only show the most important ones.
I believe price will keep respecting the fib lines of this pitchfork in the future. Even now current PA is at the 0.146 fib level. breaking this to the upside will make the median line (at ~12k) a very interesting and probable next target.
If you find my posts interesting and helpful plz consider following me on TV and Twitter where more I post more day to day updates and educational content.
Happy Tradin'
Cryptotoad
I want to share a very special chart with you today. It is one of the most interesting charts I've made so far.
I have often seen people using curved TL's to encapsulate all of the PA of Bitcoin and predict when THE bounce will happen. And even though I acknowledge the use of the curve with for instance parabolic moves up or down I think you should take the actual location of the resistance with a grain of salt. It is very easy to make that line fit, and once it is broken it is easy to make it fit yet again making it a very unreliable resistance/support line. Wouldn't it be better if you could use fib lines that are fixed.
I found this Pitchfork a couple of months ago (and posted it on Twitter) and since then I have been amazed by the accuracy of it and use it a lot to determine next target locations. It is taken from the first three pivot points of bitcoins life and as you can see all major tops and bottoms have hit important fib levels to the tick. It stuck to the median line for over 2 years before heading up to 20k, which was exactly the 1.618 fib line btw.
You can check out all other fib lines by yourself, but in order to keep the chart relatively clean I only show the most important ones.
I believe price will keep respecting the fib lines of this pitchfork in the future. Even now current PA is at the 0.146 fib level. breaking this to the upside will make the median line (at ~12k) a very interesting and probable next target.
If you find my posts interesting and helpful plz consider following me on TV and Twitter where more I post more day to day updates and educational content.
Happy Tradin'
Cryptotoad