sanuwat25
Long

The only chart you need for Bitcoin, really.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
As I have mentioned multiple times over the years, one of the main charts I used is this Schiff pitchfork on the log scale. It is the same chart I used for entry back in Nov 2018 and also Dec 2019 (see my related ideas below).

If you scroll through the time, I used the data since 2011 to get this chart and since early 2015, the chart has been picking the low of each major bitcoin downside moves. Yet sometimes it does go below the pitchfork but in Andrews Pitchfork analysis, what these dip forms are what's called a warning line (the pink line). This is basically the final lifeline and if the price drops below this, it is when we should be concerned about the downside move in bitcoin (in fact it did happen back in Dec 2019 and earlier this year but turned out to be a false break on both occasions). Otherwise, so far the pitchfork has been holding onto the price very nicely over the last few years.

I was skeptical at this chart initially but now I'm more confident with it. You can also see the same thing happens with the other megatrend moves like in the FAANG stocks (most of them follow the same pattern when drawn correctly). Even the Shanghai stock index also follows this so far (it is currently in the cheap zone so for those interested in getting some exposure to the Chinese market, you might be interested, just wait for the corona to resolve a bit).

The fact that bitcoin has now moved back into this long term pitchfork is very promising for the bigger trend of the bitcoin move because if it does hold, then we are potentially looking at a big move toward the top zone of the pitchfork which is currently 200-300k USD in the next few years (sounds insane I know but in 2017, the top zone was around 20-30k and that's exactly where the high of bitcoin happened in 2017).

So for those who think they've already missed this move, if you're not over-leveraging then you can still get involved with this next potential megatrend move as long as you buy it in the lower zone of the pitchfork .

This is very good news for the crypto market in general but as always, trade within your limit, remember to manage your risk and please don't overtrade/over leverage. At this point, if you already have 1 BTC I think you already doing well.

Goodluck!
Feb 08
Comment: As you can see from the chart, the price came back down to the support of the channel exactly at 9650 USD exactly. This further suggests the channel support is currently in play.

The fact that BTC price is going through 10k is also another good news for those going long. We'll probably see a lot of sell pressure around 10k but if the price can remain above this level for the next few days, we might eventually see a short squeeze and a significant sudden increase in price closer to 12-13k.

Comments

What’s the indicator used for your channels?
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Dyersy Dyllls
@Dyllls, hello friend, what you need to know is in the first sentence.
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