A new sin
Updated
It is a sin to be bullish on Bitcoin. This is why it dropped from 19k to about 7k. You were punished for your greed. Question is if the punishment is over and the new sin can begin.
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Probably have to negotiate the bottom corner of the Pitchfork for a few days so i suspect another buying oppertunity below 8k is coming up. Comment
It kind of seems greedy to wait for price to dip below 8k if you are seeing this pitchfork. Meaning, price is probably not gonna go below 8k for a while if BTC is really gonna do this pitchfork.Comment
Theres something to be said for price just going up like crazy (it went from $7,900 to $9,200 without really negotiating the 8k range) So it could just be a fluke. I mean unhealthy price action and possibly the pitchfork might fail. So obviously im still cautious about buying the dip. Not just jumping on the first one because muh pitchfork.Comment
So what im looking at is this. The yellow line would have been healthier but it took the purple line and downmomentum thats bulding now could jeopadize the pitchfork . But lets see. Comment
If we move the pitchfork back one step we can see that things already dont look so good. Comment
That was a nice juke. The daily ended up flipping to green. Now it looks like the 20 EMA is acting as resistance. Comment
Its broken out of the pitchfork but there is no volume so it could be a fakeout. Trade closed: stop reached
Pitchfork failedDisclaimer
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