BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Pitchforks create a type of trend channel.
The trend is considered active as long as the price stays within the channel.
Reversals occur when price breaks out of the channel.
There is a center median line ( trend line ), as well as sets of lines above and below that median line .
The additional lines are set a specified number of standard deviations away from the median.
Each individual line represents a support/resistance level.

Note the way that price action interacts with the various lines :

Pitchforks can help establish key support/resistance levels!

These levels can be used in conjunction with active price action monitoring to help identify trend continuations/reversals while trading.

// Durbtrade


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.