Bitcoin has reached Pitchfork resistance after its rapid growth and has made the first reaction against it on the weekly time frame. The resistance has slowed down the uptrend and the relative decrease of the price. Bitcoin's reaction to it will form 2 scenarios:
1- Scenario #1 happens when Bitcoin breaks up the pitchfork resistance. In this case, RSI will enter a positive bias in the weekly timeframe , and this means an end to the downtrend of Bitcoin .
2- Scenario #2 will happen when Bitcoin respects this resistance. In this case, the downtrend should be expected to continue for a longer period
1- Scenario #1 happens when Bitcoin breaks up the pitchfork resistance. In this case, RSI will enter a positive bias in the weekly timeframe , and this means an end to the downtrend of Bitcoin .
2- Scenario #2 will happen when Bitcoin respects this resistance. In this case, the downtrend should be expected to continue for a longer period
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.