Pitchfork Theory and Potential Rebound
Updated
First post to Trading View, so please be gentle, but let me know how I can improve theory, macro or micro.
Testing theories with Pitchforks from two notable selected lows, and Fib retracement levels. Current low has just broken through bullish Pitchfork lower limits and currently testing 23% Fib retracement level.
I'm new to all this and it may not make sense, but I'm thinking a reversal against the lower limit of the bull channel and up to the two channels intersection for retest. This is difficult to have conviction with considering the macro levels that are up in the air, regarding U.S. Banking Senate Committee meeting next week and other recent regulation news. After a retracement of 65%+ I think those who have been waiting on the sidelines has significant reason to begin dollar cost average buying, while those with bags are hesitant to sell based on loss of value.
We shall see.
Thank you
Testing theories with Pitchforks from two notable selected lows, and Fib retracement levels. Current low has just broken through bullish Pitchfork lower limits and currently testing 23% Fib retracement level.
I'm new to all this and it may not make sense, but I'm thinking a reversal against the lower limit of the bull channel and up to the two channels intersection for retest. This is difficult to have conviction with considering the macro levels that are up in the air, regarding U.S. Banking Senate Committee meeting next week and other recent regulation news. After a retracement of 65%+ I think those who have been waiting on the sidelines has significant reason to begin dollar cost average buying, while those with bags are hesitant to sell based on loss of value.
We shall see.
Thank you
Note
Mini bull run broke through bearish pitchfork lower limit, resisted against the lower limit of the bullish pitchfork, tested lower limit of bearish, then broke through bearish channel, all still within overall long term bullish pitchfork.There's a lot going on here, I'm aware, but these are a test of theory, which have worked well for me so far.
RSI may have traders continue to move sideways with price. As long as we stay within the bullish channel, I'm happy. It would seem anything below bullish channel would prompt traders to support.
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