Price has shown some nice reactions to the 100% (blue) and 61.8% (green) as well as 25% (yellow) channels of this pitchfork. Right now we are hovering slightly above the center, en route to point B of the current correction (yellow). Should price bounce off of the 61.8% line at B (275$) as expected, then a retest of at least 260$ is in order. Medium Target and Maximum Target to the downside were shamelessly take from 4xForecasters excellent Wolfe Wave analysis, and refer to the green / pink count respectively. Check comment section here for further reference: Should price overshoot towards the medium Target at 252.5$ I would expect it to return inside the 100% channel (blue) / above 260$ rather quickly, which would leave the pitchfork still intact. However, the whole June advance has been cautious at best, not to say disappointing in terms of bitcoin. Therefore a deeper retracement to 241$ would not be all too surprising. Finally, a return to the 230s battleground would open up much lower targets including sub 200. A breakout above 280$ to the upside would most likely cause a fomo rally towards 300, so keep an eye on that one as well.
Comments
oleg.golubovich
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I agree it will follow yellow and +/- purple line, but green & red contradict to bigger time frames' data. Just IMO.
ChartArt
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Good chart! And I am happy to see my moving average trend indicator being used :) Period length 15 is best used on the daily time-frame chart, especially on stocks.
On a 4 hour chart I expect something around 17-19 as period to work better than 15, but I have no final answer so far.
Diabolicus
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I've been toying around with it on various settings, but then decided to switch back to default settings. Will try 17-19 and see if that is more accurate. I like how that trend indicator gives some heikin ashi feeling without the candle distortion. Simple & useful.