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Pitchforks

BTC Weekly AnalysisBINANCE:BTCUSDT COINBASE:BTCUSD The long-term and short-term viewpoints are both crucial to our analysis: First, we will look at the market's perspective over the long run. Since the latest increase in the upward price cycle, Bitcoin's movement has been moving in a fork structure and, based on the current market trend and the resistances it is facing, has generated lower bottoms up until this point. According to the framework controlling the market, the ascending channels will, in most circumstances, break from the floor and make lower floors. The price has been moving in an ascending channel during the past few weekly candles. We should also anticipate another lower floor from Bitcoin given this structure and the shape of the just produced candles. Expect the channel to break from the bottom if Bitcoin is unable to move past its most recent run-in with the bottom of the channel and go higher (if the daily candle does not close above 20,000). However, when we examine the volume of recent transactions, we notice a large increase in the volume of recent candles. This perception may result in the formation of a strong price floor that propels price growth toward 26,000. (even higher). Of course, we shouldn't let this expansion obscure the market's underlying negative structure (the growth will be temporary). An important level for Bitcoin can be seen at the lower levels; this level, which is highlighted in red, will be crucial for the price's future. We do not anticipate a price decline to levels of 14444 and 14058 after it breaks through this barrier. If the analysis satisfied you, please follow & support our team by telling your friends. CrazyS
by CrazyS
BTC/USD - Is it a Rising Wedge or a Falling Wedge?Quick BTC/USD 1 week chart update: BTC is in a massive Rising Wedge Pattern. BTC is also in a massive Falling Wedge Pattern. At the moment of typing this, BTC is still back above its 200MA on this 1 week timeframe. At the moment of typing this, BTC is still way below its 50MA on this 1 week timeframe. At the moment of typing this, BTC is still way below its Bollinger Bands Middle Band Basis 20 period SMA. Note that the Upper Band is curving downwards and the Lower Band is starting to curve around slightly. At the moment of typing this, BTC is still back above its Least Squares Moving Average (LSMA) on this 1 week timeframe. BTC is still in its Descending Pitchfork Pattern above the Median Line and back above its Upper Green Resistance/Support line. It will probably be some time before we see BTC back above the Ichimoku Cloud Equilibrium Zone and back in the Bullish Zone on this 1 week timeframe but that doesn't mean profit cannot be made while the Price is still in the Bearish Zone under the Equilibrium Zone, that is why it's always best to check multiple timeframes for any potential breakouts on those. Looking at the Average Directional Index Indicator (ADX DI), we can see that Negative Momentum has continued to drop with the -DI (Red Line) dropping to 31.45. Positive Momentum has dropped slightly with the +DI (Green Line) at 15.01. The Trend Strength has increased with the ADX (Orange Line) at 32.18 note it is still above its 9 Period EMA (White Line) which is at 28.89. Looking at the Moving Average Convergence Divergence Indicator (MACD), we can see that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line but it has risen sharply with Red Histograms decreasing in size and it looks like we could soon see the MACD Line (Blue Line) crossing back above the Signal Line (Orange Line) creating a Buy Signal on this 1 week timeframe. Note that the MACD Line (Blue Line) has not been in the Positive Zone above the 0.0 Base Line since the 10th Jan 2022. For the mid to longterm upside, be on the lookout for a successful weekly close above the 28.60% ($24,314) Fib Re-tracement level and any successful re-test as strong support. For the mid to longterm downside, be on the lookout for a weekly close back under the LSMA and 200MA with any successful re-test as strong resistance. So a Rising Wedge or a Falling Wedge? Which will it be?……. only time will tell. I hope this is helpful with your trading and hodl-ing. Notes: 200MA = Red Line on chart 50MA = Yellow Line on chart LSMA = Cyan Line on chart
BITSTAMP:BTCUSD
by TradingThroughTheLens
6
Keeping an eye on GBP/USD OANDA:GBPUSD GBP/USD appears to be putting in a bottom. RSI/MACD showing bullish divergence and price has just made an exit from a Descending Wedge. If price can hold above $1.17, I'm expecting GBP/USD to eventually reach $1.30 The $1.30 price level coincides with the median line of the (red) Schiff Pitchfork, and is approximately a 50% retracement of the drop from $1.42 to $1.17 I'm not putting on a trade just yet, but I will enter a long position on a double-bottom that stays within the Schiff Pitchfork and arc. Stay Tuned. Fat_Fat
by Cousin_Fat_Fat
Solana Action/Reaction Short/Long (2 for 1) SpecialKUCOIN:SOLUSDT Price bottomed out in June 13th and has been navigating through an ascending triangle. I'm expecting the resistance along the flat-top of the ascending triangle to hold one more time. This would also qualify as a Hagopian gap, which should push price down substantially and out of the primary fork. A perfect place for the short term down-move to find support would be the lower boundary of the triangle; which just so happens to coincide with the trigger line of the fork. (Trigger Line = Red Dashed Line) (Purple Dotted Lines = Fib Extensions 1.618, 2.618, 4.236, 6.854) & (Purple Dashed Lines = Linear Extensions 2, 3, 4, 5) The Fork's extension lines have been interacting with price quite well, and serving as textbook action/reaction lines. If the triangle/trigger line support holds, I'm expecting a violent bullish breakout of this ascending triangle that should move upward along the extension lines. The height of the triangle and 1.618 fib extension point to a breakout target around the $68-$70 area. Although an even bigger move to $78-$80 level is also possible. Currently, I'm short at $46 with a stop-loss set at $49 I hope to close the short and go long on a retest of the lower triangle support line/trigger line. If price breaks through the upper line of the triangle before heading lower, I may flip long with a tight stop. I'll update this idea if I make any moves. Let's see what happens.
by Cousin_Fat_Fat
Algorand Knife CatchingBINANCE:ALGOUSDT Algorand might be ready to make a big move to the upside. Alts and Algorand by itself, both look bullish against BTC. ALGO/BTC: Altcoin Index/BTC: Looking at Algorand alone: After a 90% decline, Algorand might be putting in a bottom. Bullish Evidence: Weekly MACD crossing bullish, Weekly RSI rising out of oversold levels, Weekly Heiken Ashi candles bullish, Support levels from 2020 are directly below, Daily Ichimoku is a penny away from a "Buy" signal. If this bottom holds and price stays within either of the Pitchforks, the upside median line take-profit targets are massive. It's a textbook Pitchfork trade, that has already seen 6 weekly candles test/retest either of the two L-MLH. Stop-Loss can be set just below the pivot at $0.27. (I'm going with $0.25) In my opinion, a 20-25% drawdown on an appropriately sized position is worth it, considering the upside.
Long
by Cousin_Fat_Fat
BTC double SFPBTC has now tried to push twice above the range high at 24.2k but failed This would be considered bearish of course, however BTC has been consolidating below the highs pretty nicely, even after rejecting them twice. To me this is a bullish sign, showing that it wants to go higher, and I'm still interested in the 28-29k area As always, this can change anytime, and we can start looking for more downside if we start breaking support: - Pitchfork median (holding for now) - Low of this LTF range (@23.4k) - 23k (nice confluence at that level) If we lose those levels, we can expect a move to the low of the pitchfork at around 21.5k Any questions? Good luck traders Remember not to break your rules Habib
BYBIT:BTCUSD.P
by Habib0601
BTC: 28k or 14k?Yesterday I posted 2 ideas: One where I gave all the levels The 2nd where I acknowledged a potential rejection In that 2nd idea, I said we would need to lose 22.5k for a confirmed sign of weakness. We ended up pushing to the upper daily at 23.4k, before going back and retesting the lower daily at 22.5k perfectly to then pump and break above 24k Now, of course BTC is looking pretty strong and more upside is more likely at the moment, targets being 26k then 28k (however be aware of reactions when we get above the previous high at 24.2k (potential SFP or failed auction)) If we want to see more downside, as always we need to wait for signs of weakness: Losing 23.4k would be the 1st one Losing 22.5k would be the 2nd and more significant one Any questions? Good luck traders Remember not to break your rules Habib
BYBIT:BTCUSD.P
by Habib0601
Monthly TLT Historic Oversold Reading NASDAQ:TLT TLT, the long bond ETF is approaching a historic oversold monthly reading due to the coming rate hikes. The Fed would like us to believe that they will raise rates 6 more times this year, which would of course destroy bond prices. It's not going to happen.... The Fed has raised rates once thus far, by just 25 bps and the market is already down 15-20% from the highs. The US National Debt has ballooned above $30 Trillion, and every 100 bps adds 300 Billion in ANNUAL debt service expense. Those who time the interest rate peak, will be handsomely rewarded by going long bonds as the Fed is forced to stick their foot in their mouth and admit that the US economy is hostage to it's debt and dependent on low rates to sustain growth and keep the markets afloat. The interest rate threshold that causes a major systemic event gets lower and lower as the US is more and more indebted. twitter.com I believe that a combination of an intense market sell off and/or peaking rates somewhere around 150 - 175 bps will mark the bottom in bonds. I own no TLT at the moment; however, I will start scaling into a position over the next few months depending on the market reaction as we progress through the coming gauntlet of FOMC meetings (May/June/July) A test of the lower bound of the Modified Schiff Pitchfork will be my signal to go long. I'll update this idea with any TLT moves I make.
NASDAQ:TLTLong
by Cousin_Fat_Fat
4
BTC 4H Analysis (July - Early August)After expectations were confirmed from the FOMC meeting on July 27 and some positive words were heard from the Fed, the price of BTC reacted with considerable bullish volume. Price has reacted again and surpassed the diagonal resistance created from the June and July major highs. Will BTC reach new highs in early August? The current rising channel momentum has increased significantly from its confirmed reversal on July 26th. We are able to draw a new pitchfork to expect the next major reversal or a new high. Combining Andrew's pitchfork, channel momentum, and trend-based Fibonacci time, we might be able to see a reversal around 26100, on August 2, as BTC continues its slowly bullish uptrend. Keep in mind that there may also be some bullish news for the cryptocurrency market in August, prior to and after the anticipated Ethereum merge. "The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain. It eliminates the need for energy-intensive mining and instead secures the network using staked ETH. A truly exciting step in realizing the Ethereum vision – more scalability, security, and sustainability." ( ethereum.org ) Below is an old private price prediction of mine for ETH for some reference on momentum. We can also consider the current state of the US economy and how that might be significant. Global commodities are declining, US interest rates are expected to continue rising for the rest of 2022 to hedge inflation, the tech sector has generally been reporting strong earnings, and unemployment remains low. Absolute confirmation regarding the US recession status still remains inconclusive in my opinion. Very slow growth into 2023 is what I expect. Feel free to share your thoughts and opinions so we can compare the bulls and bears for a more accurate short-term expectation!
Long
by MakkInvests
1