Decision time for XVGBTC (Pitchfork, Daily)
Updated
Simple rules for a pitchfork chart:
* Price tends to gravitate towards the median line.
* When price breaks the median line there is a high chance it will pull back to retest again the median line.
* When price breaks the Pitchfork channel on the opposite side of the channel direction, there is a shift in market sentiment and the trend can reverse.
Right now we're at point 2, the price has broken above the median and retested. However the price is also testing a significant horizontal support level at 33 sats (purple line). If the price falls below 33 sats, I believe a new ATL is likely.
If the price breaks above the pitchfork channel (point 3), that will signify a trend reversal and should be a good indicator to buy. See
for an upside trade possibility.
* Price tends to gravitate towards the median line.
* When price breaks the median line there is a high chance it will pull back to retest again the median line.
* When price breaks the Pitchfork channel on the opposite side of the channel direction, there is a shift in market sentiment and the trend can reverse.
Right now we're at point 2, the price has broken above the median and retested. However the price is also testing a significant horizontal support level at 33 sats (purple line). If the price falls below 33 sats, I believe a new ATL is likely.
If the price breaks above the pitchfork channel (point 3), that will signify a trend reversal and should be a good indicator to buy. See
Note
This played out quite nicely. 😃
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.