In the cover figure the price action of the overall bull run since the Covid lows is displayed on 3d TF using the original Andrew’s pitchfork. Since late June BTC has traded upwards within the lowest quartile of the pitchfork. To have a clearer view on this recent price action we should zoom in to the daily TF:
The dashed line depicted on the chart is a sort pivot trendline around which the price action since June has centered. Before yesterday daily candle has closed below that trendline twice. On both occasions the price eventually retraced down to the low end (blue line) of the pitchfork.
Yesterday’s candle closed below the trendline for the third time, and at the same time, the indicators are pointing downward on shorter TFs. My take is that eventually we will revisit the blue line, quite possible for the last time before the serious action starts. This just might present the last good buying opportunity before the parabolic bull run in Dec - Jan.
Whats your take?
Take good care of your precious capital.
Cheers
Whoop
The dashed line depicted on the chart is a sort pivot trendline around which the price action since June has centered. Before yesterday daily candle has closed below that trendline twice. On both occasions the price eventually retraced down to the low end (blue line) of the pitchfork.
Yesterday’s candle closed below the trendline for the third time, and at the same time, the indicators are pointing downward on shorter TFs. My take is that eventually we will revisit the blue line, quite possible for the last time before the serious action starts. This just might present the last good buying opportunity before the parabolic bull run in Dec - Jan.
Whats your take?
Take good care of your precious capital.
Cheers
Whoop