The Pitchfork Top Call & Where Fractals Could Lead Us.
Updated
Experimental Chart.
Due to lack of movment in the crypto market, I have been experimenting will less common tools to aid in technical analysis. The chart above shows a fully extended pitchfork that just about perfectly calls the top.
Not only that but each additional level below that acted as support or resistance at one time or another, meaning this pattern will likely continue.
Here is a chart showing how the original pitchfork was drawn:
I then added an two inside pitchforks to the previous tops. One at 20000 and the other at 1400 to see if there were any similarities in the pattern.
If we were to continue following the 2014 cycle we should have 1-2 additional legs down. I am very curious as to how accurate this ends up being.
I want to note that his analysis also supports a previous study done in March.
History is here to aid with predictions, but it rarely tells the future.
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Due to lack of movment in the crypto market, I have been experimenting will less common tools to aid in technical analysis. The chart above shows a fully extended pitchfork that just about perfectly calls the top.
Not only that but each additional level below that acted as support or resistance at one time or another, meaning this pattern will likely continue.
Here is a chart showing how the original pitchfork was drawn:
I then added an two inside pitchforks to the previous tops. One at 20000 and the other at 1400 to see if there were any similarities in the pattern.
If we were to continue following the 2014 cycle we should have 1-2 additional legs down. I am very curious as to how accurate this ends up being.
I want to note that his analysis also supports a previous study done in March.
History is here to aid with predictions, but it rarely tells the future.
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Note
Same Pitchfork excluding wicks
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
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