BTC "PITCHFORK TRADING STRATEGY" (ON THE ROAD TO 130K)
Hello everyone !
Today the Black Cat Trader is analyzing BTC on a weekly chart.
What we can see :
- By using the Andrew's Pitchfork into on one of the first BTC impulsive wave back in 2012, we can identify a very nice long term uptrend for bitcoin (Low = 2,25 ; High = 1163 ; Low 198). Thanks to PF, supports, resistances and possibilities for futur growths can be easily identified.
- By extending horizontal lines (purple) from previous ATH to lower lines of the pitchfork, we can clearly identify the potential zone where BTC could make its new ATH :
ATH (25 Novembre 2013) = 1172 $
Extended line (from ATH to the lower line of the pitchfork) = NEW ATH (19.680 $)
ATH ( 11 décembre 2017) = 19.680 $
Extended line (from ATH to the lower line of the pitchfork) = POTENTIAL NEW ATH (130.000$)
What we can expect :
Regarding the actual situation and based on the datas we have, we can expect two scenarios:
(N°1)
Bitcoin manages to break the intermediary lower median line of the pitchfork (which is actually a resistance) to turn it into a strong support to go higher. Then we can expect that bitcoin will make a new ATH located at minimum on the median line of the pitchfork (red one)
- Resistance : intermediary lower median line of the PF
- Strong support : lower line of the PF
TAKE PROFIT : 130 000$ ((Median line of the PF)
(N°2)
Bitcoin fails to break the intermediary lower median line. In this situation, we can expect that Bitcoin could bottom on the lower line of the PF which would be a very good opportunity to buy btc low.
Major support : Lower line of the PF
IF YOU LIKE THIS POST, FEEL FREE TO FOLLOW THE BLACK CAT TRADER AND LEAVE A LIKE
(D.Y.O.R)
Today the Black Cat Trader is analyzing BTC on a weekly chart.
What we can see :
- By using the Andrew's Pitchfork into on one of the first BTC impulsive wave back in 2012, we can identify a very nice long term uptrend for bitcoin (Low = 2,25 ; High = 1163 ; Low 198). Thanks to PF, supports, resistances and possibilities for futur growths can be easily identified.
- By extending horizontal lines (purple) from previous ATH to lower lines of the pitchfork, we can clearly identify the potential zone where BTC could make its new ATH :
ATH (25 Novembre 2013) = 1172 $
Extended line (from ATH to the lower line of the pitchfork) = NEW ATH (19.680 $)
ATH ( 11 décembre 2017) = 19.680 $
Extended line (from ATH to the lower line of the pitchfork) = POTENTIAL NEW ATH (130.000$)
What we can expect :
Regarding the actual situation and based on the datas we have, we can expect two scenarios:
(N°1)
Bitcoin manages to break the intermediary lower median line of the pitchfork (which is actually a resistance) to turn it into a strong support to go higher. Then we can expect that bitcoin will make a new ATH located at minimum on the median line of the pitchfork (red one)
- Resistance : intermediary lower median line of the PF
- Strong support : lower line of the PF
TAKE PROFIT : 130 000$ ((Median line of the PF)
(N°2)
Bitcoin fails to break the intermediary lower median line. In this situation, we can expect that Bitcoin could bottom on the lower line of the PF which would be a very good opportunity to buy btc low.
Major support : Lower line of the PF
IF YOU LIKE THIS POST, FEEL FREE TO FOLLOW THE BLACK CAT TRADER AND LEAVE A LIKE
(D.Y.O.R)
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.