Bitcoin Long Term Pitchforks Multiple Timeframes and Looks
Let’s start taking a look at the 1 hour linear Bitcoin Bitfinex chart we have been looking at for the past week.
You can see how how we were tracking that rising blue wise yesterday that was forming, which traditionally leads to a bearish drop off in price.
Price broke out of the wedge around 8pm EST last night, with very little volume and quickly turned to the downside. The Bitcoin price then put in a big red candle sending it to the bottom of the blue wedge, with the next candle sending price down to a low of $8,257 and being rejected by the bulls before even hitting that yellow 55 EMA.
Next stop was back into the wedge and a slingshot back up $8560 and high on the day currently of $8,572. Price has been around there the past few hours since then. The previous resistance on Sunday even got shattered on big volume at the $8,450 level, so things are trucking along nicely.
The RSI and %R are both hanging around at overbought levels, and volume the past few hours looks like it could pull back a bit. At least a revisit to the black horizontal line at $8,450 and I think at most a revisit to the .786 fib line on the long term pitchfork as a stink bid.
I have also drawn a purple line channel that could be forming here, I think it needs some more time to check it’s validity.
On the daily Bitcoin Bitfinex chart, the big move here is that price is back above the yellow 55 EMA for now and the resistance level earlier this week. A close above $8,450 would give a nice look to this chart.
The %R is overbought here, but the RSI is not, so besides a minor pullback. I think price has still got a ways to run over the weekend.
I also have included a look at the daily logarithmic of Bitcoin on Bitfinex too and we are appearing to be in good shape here too.
I could see a scenario where price continues to run up to .786 on this log chart where it intersects at the purple horizontal resistance of $8,900. I would expect some stout walls there a decent pullback maybe through half of next week and then we would really need volumes to pick up to get back up and retest that barrier.
And just for fun I have a bonus look at the daily linear Bitcoin chart on Coinbase. This pitchfork has a pivot of 1/12/17 with the same peak and trough that we are all looking at on the other charts. Volume is steadily picking up and the key here is that price is not back within the bottom of the pitchfork.
There is also a big maroon downward sloping wedge here that price has broken out of, so once we visit $8,900, maybe we get a pullback to $8,450 and then off to the races.
You can see how how we were tracking that rising blue wise yesterday that was forming, which traditionally leads to a bearish drop off in price.
Price broke out of the wedge around 8pm EST last night, with very little volume and quickly turned to the downside. The Bitcoin price then put in a big red candle sending it to the bottom of the blue wedge, with the next candle sending price down to a low of $8,257 and being rejected by the bulls before even hitting that yellow 55 EMA.
Next stop was back into the wedge and a slingshot back up $8560 and high on the day currently of $8,572. Price has been around there the past few hours since then. The previous resistance on Sunday even got shattered on big volume at the $8,450 level, so things are trucking along nicely.
The RSI and %R are both hanging around at overbought levels, and volume the past few hours looks like it could pull back a bit. At least a revisit to the black horizontal line at $8,450 and I think at most a revisit to the .786 fib line on the long term pitchfork as a stink bid.
I have also drawn a purple line channel that could be forming here, I think it needs some more time to check it’s validity.
On the daily Bitcoin Bitfinex chart, the big move here is that price is back above the yellow 55 EMA for now and the resistance level earlier this week. A close above $8,450 would give a nice look to this chart.
The %R is overbought here, but the RSI is not, so besides a minor pullback. I think price has still got a ways to run over the weekend.
I also have included a look at the daily logarithmic of Bitcoin on Bitfinex too and we are appearing to be in good shape here too.
I could see a scenario where price continues to run up to .786 on this log chart where it intersects at the purple horizontal resistance of $8,900. I would expect some stout walls there a decent pullback maybe through half of next week and then we would really need volumes to pick up to get back up and retest that barrier.
And just for fun I have a bonus look at the daily linear Bitcoin chart on Coinbase. This pitchfork has a pivot of 1/12/17 with the same peak and trough that we are all looking at on the other charts. Volume is steadily picking up and the key here is that price is not back within the bottom of the pitchfork.
There is also a big maroon downward sloping wedge here that price has broken out of, so once we visit $8,900, maybe we get a pullback to $8,450 and then off to the races.
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