Because of the quick move between A-B, I have created the modified schiff fork to the downside, which is showing good frequency as marked with the arrows to the downside. This could very well be the controlling fork to the downside.
Price has dropped as predicted after hitting the median line. We have bounced off support at 2542 that was marked as a possible support area before. Look for price to hit resistance again shortly at the upper yellow line action reaction going to the downside.
Here it comes, the rise... As I said in the weekly outlook on my FTG-Members BLOG (register for free...), you see now price above the L-MLH trying to crawl up. The brach of the L-MLH last week is a great indication for BTC to rise, since it found support again on a test/retest. Me ---> Bullish P!
As you can see, there's a huge bar screaming at us. It broke out of a pressure resistance. I expect it to pull back, just to scare everyone out of this long opportunity. My ForkTrading Members got a video today, how I would approach it to stalk a trade. Subscribe and get the videos I do for my FTG tribe (see footer here on TradingView). P!
In earlier centuries, the crowd would had thrown me on a stake if I where to out myself as a "Fork" Evangelist §8-) The Chart: You can see clearly, that price respects the lines of the Fork. For those of you who already attended my free ForkTrading BLUEPRINT, you guys & gals know what I'm talking about. I expect a retest of the L-MLH, if not a crack. The...
Hagopian = Price missed to reach the "next line". We can expect a pullback farther then from where price came. (check!) Pirce is at the upper WL1 (Warning-Line 1), the upper Extreme = Price is extended, stretched. We can expect at least a pullback, or even a move to another extreme, the Lower-Medianline-Parallel (L-MLH). (check!) In over 80% back to CL ...
Soon we will see USD at the lower extreme. Observing how buying in will proceed. P!
As we see, price reached the Centerline, which is Rule Nr. 1 on ForkTrading: "Price reach the Centerline over 80% of time". OK, but what now? Energies move from balance to extremes. This means, that price will either drop to the L-MLH, or trade through the Centerline and towards the U-MLH. Since we don't know what will go on from here, how about to take both...
So the prior idea did not work and now we probably see why. With this A/R set we see price frequency at the Centerline. This looks somehow probable to me. Because there's no entry here, I just sit on the hands. I never ever would sell BTC, just because it's going down here. I rather buy more at certain levels. PP
Here we see, that price is trading very nice within the Fork. Until we break out of it, there is no doubt that we heading south. Observe! P!
Price has broke through the upper median line, and is now following the sliding parallel to the upside.
Price is now at the middle median line. Look to see if price will hit resistance here and pull back. We are at an extreme now in price.
In my prior post (see related link below), I showed you how Action/Reaction works. In my Blog (see footer), I go over this in detail. Now price has arrived the the next Reaction line. This is a great time to observe from here, how the market reacts to this line. Will it trade through it? Will it be punched back and go south from here? Learn to earn - observe,...
We are at resistance now at the median line. Look to see what price does here.
Price has hit the warning lines as resistance every time we have tried to break higher. Look now to see what price does here, as we are at resistance again.
Price has gone up through the median line and 2800 and is now possibly retesting the middle median as support. Look for price to continue higher.
1. Forks 2. Action/Reaction 3. Support/Resistance 4. Frequency Learn to earn is the best way to become a independent trader. Check out my website and start today. P!