Cleaned the pitchforks up for you connoisseurs of chart artwork lol.
So the triangle has the potential as always to break either way with obvious support and resistance shown as green and red lines respectively! I favour we are making wave 2 of higher wave (v) in a downward direction at the moment but if it breaks $10760 or thereabouts then we could be in wave 3 up?
We have dropped below the long term bullish pitchfork and appear to have completed wave (iv) in recent downward impulse.
Looking for opportunity to go short as initial drop very rapid from Rising Wedge break!
Good Educational Videos on Pitchforks and Rising...
If we have made a local top then possibly the (X) wave has reached its ultimate target 61.8% ~ 65% retracement of (W). This would then tie in with this local top made by the "Tweezer" pattern candle formation ~ only time will tell if this plays out?
Pitchforks are a good tool for seeing trends and in this case, corrective price action. Throughout much of the 2014 trend, Bitcoin price respects the channel between the median to upper median lines. However it does foray down to near the lower median line to form the selling climax.
Its interesting to see that the...
Price drops within a down channel and is almost to hit a major dynamic support. It is pressuring the 0.05915377 static support and the 61.8% retracement level. The perspective remains bearish as long as it stays within the down channel.
A valid breakdown below the warning line (w1) will confirm a further drop at least till the 76.4% level.
The S&P500 is moving in an upward channel, as its most recent low is higher than the previous one. The price target is close to the mid-line of the ascending Pitchfork, around 2760. The invalidation comes when the price closed below the recent low.
A renewal of Asian selling yesterday confirmed our bearish call. But the resulting downside lacked the momentum to break below the overnight low and, towards the end of the day, more significant profit taking resulted. Net gains were not extensive, but enough to end a sequence of 5 down days and although Asia has seen modest downside, our studies are left...