BTC forks and fibs
Updated
Not predictive TA.
Mainly just a journal of my observations of origin of trend/cycle and momentum, pitchfork levels, fib levels, and where they appear to be meeting up.
55EMA (D) also seems to be a definitive rejection point in some areas of the cycle.
Median line (ML) of the Pitchfork (Pfk) seems to be a recurrent pricing theme.
Take of it what you will.
This chart is not complete and is an ongoing work.
IMHO the last dump was perfectly on the 23.6%.
I am probably wrong. Do not trade based on my ideas.
Couple of squiggly lines at the end is where I expect it to go.... maybe.
Good luck with your trades.
Mainly just a journal of my observations of origin of trend/cycle and momentum, pitchfork levels, fib levels, and where they appear to be meeting up.
55EMA (D) also seems to be a definitive rejection point in some areas of the cycle.
Median line (ML) of the Pitchfork (Pfk) seems to be a recurrent pricing theme.
Take of it what you will.
This chart is not complete and is an ongoing work.
IMHO the last dump was perfectly on the 23.6%.
I am probably wrong. Do not trade based on my ideas.
Couple of squiggly lines at the end is where I expect it to go.... maybe.
Good luck with your trades.
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I suspected we could be looking at a surprise Wyckoff accumulation for a continuation to the upside from there but the volume signals weren't matching that scenario. I had a potential 6650 or thereabouts TP set from the area we have been in the last few days and I was long from 6220 so got stopped out in profit in the low 6300s. I had a small position so relatively inconsequential and i kept a wide stop due to the range we were in and the long wicks forming. We didn't get to the 55EMA on the daily which was a possibility but here we are in the 6200 range again. If this holds maybe we go sideways for a bit. At this point I would be surprised to see too much upside. If it breaks, it is likely we see potentially significant continuation to the downside. The market appears intent on breaking 5800 at some point soon (maybe) which could see a very serious downside heading towards the end of the year. I still believe 4k and 3k are possible at this point but still long term bullish on BTC. Long term gets longer the more we meander around these levels.... do not trade on my ideas. i am probably wrong. i am noob. if you see something in my charts that is wrong, please reach out and help me improve my TA. Cheers.
Note
Again with that median line.
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