Bitcoin Daily Andrews Pitchfork - Long term view

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
1222 6 7
I am looking for channels formed by this up-sloping Andrews Pitchfork tuned with Fibonacci ratios. As of this note, 12/4/13, BTC price is contained within the 68.1 and 78.6 Fibonacci. Price could collapse below the median line, could collapse below the lowest bold gray line, could collapse all the way to the green dashed line and still, long term, be influenced by these simple channels left long term on even a logarithmic chart. * chart is subject to change based on broken forks! ;->

Price could also climb to the bold gray line (100% on fork) very soon, but as long as I've got this median line in tune then it's always a target going forward. (so as high as 2050 on Jan 1 is possible) and I'd find no reason to adjust the plot.
flibbr PRO
3 years ago
So... I guess your saying it could go up or it could go down ? lol
Have you tried mapping the 2011 bubble $1->$32->$2 on this..
PonziUnit70 flibbr
3 years ago
Exactly :) Be prepared for it! I say look for dips to buy. I have not tried that and I think I will try tomorrow to see if I can make it rhyme with what I've got drawn here now.
Been mapping a rhythm using the tool in Bitcoin Charts Live on
www.bitoinprices.info think i will start to try and hit these lows as well
2 years ago
Very nice chart. Where did you derive the inclination of the parallels from?
NF414 PRO NF414
2 years ago
Got it, never mind.
MRS Watanabe
2 years ago
Nice bounce off the median line, validates your chart. But where is your A pivot? Agree it needs to stay above that ML because if it breaks down bellow it, and then we see resistance on any rally back to the ML, we are looking at a potential visit to the Lower end of the fork, near the parallel lines $345ish. BTC would still be in a bullish trend till it drops bellow the Lower Parrallel line, but you for get to mention if the Lower Parrallel becomes resistance, we may have seen the top.

Still worth noting that on Ichimoku daily there is no sell signal given yet. Ichimoku chart can catch the largest moves in trending markets. If the lines cross on the daily am looking lower specially if the cloud becomes resistance as it is doing so already on the 1hr,

I have drawn in this 1hr chart a red Modified Schiff down fork which I am watching for a breakout to the upside. But if we see on the Upper Quartile resistance we head south, it must be recaptured or we test ML.
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