coondawg71

Bitcoin USD approaching time resistance

BITSTAMP:BTCUSD   Bitcoin / Dollar
236 2 1
Please see notation on price chart. Three pitchforks drawn on LMA swingpoints, not price.
Apologies for the callout bubble getting overlapped by the pitchfork levels. I wanted to show as much of the swing points as possible. Currently, we can see that price has fallen through the golden line which is the 1.618 deviation from the large upward pointing pitchfork anchored from last year. Also of note, we see current price has fallen to a temporary support level offered by the Midpoint line sloping downward on pitchfork anchored this past February.

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snapshot


Update: Oct. 17, 2014 Notice how price has weaved its way through the pitchfork levels drawn on The Larks Laguerre Moving Average swingpoints. Very useful technique.

Next probable target: I see the intersection of the downward sloping pitchfork ((white dotted line)) and the 2.618 barrier of the upward sloping pitchfork ((solid red line currently below price)) as a strong magnet for price. With a 90 period Daily Williams %R reading well below the centerline and the 7 period Daily Williams %R overbought reading, I see this as very likely direction in the near term.
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