It is a sin to be bullish on Bitcoin. This is why it dropped from $19k to about $7k. You were punished for your greed. Question is if the punishment is over and the new sin can begin.
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Probably have to negotiate the bottom corner of the Pitchfork for a few days so i suspect another buying oppertunity below $8k is coming up.
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It kind of seems greedy to wait for price to dip below $8k if you are seeing this pitchfork. Meaning, price is probably not gonna go below $8k for a while if BTC is really gonna do this pitchfork.
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Theres something to be said for price just going up like crazy (it went from $7,900 to $9,200 without really negotiating the $8k range) So it could just be a fluke. I mean unhealthy price action and possibly the pitchfork might fail. So obviously im still cautious about buying the dip. Not just jumping on the first one because muh pitchfork.
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So what im looking at is this. The yellow line would have been healthier but it took the purple line and downmomentum thats bulding now could jeopadize the pitchfork . But lets see.
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If we move the pitchfork back one step we can see that things already dont look so good.
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That was a nice juke. The daily ended up flipping to green. Now it looks like the 20 EMA is acting as resistance.
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Its broken out of the pitchfork but there is no volume so it could be a fakeout.
Trade closed: stop reached:
Pitchfork failed