ItisCalvin
Long

Pitchfork Me to Another High

BITSTAMP:BTCUSD   Bitcoin / Dollar
652 20 8
The heartbeat analogy is weird and out there. So is the title, but who cares. Today’s TA includes two different pitchforks. The one downward trend pitchfork is based upon the bubble while the other is just based upon a pivot point that happens to be the lowest low.

For the moment we are ranging into an ever tightening price range. There has to be some point in time where we break out. I have been waiting for this for weeks and still have not seen significant movement up. At the moment a few of the indicators have lined up perfectly. There is a bullish convergence, which is big. In this market seeing any positive bull signs is great. Combine that with the others, we may in fact begin something fun!

Indicators
Ultimate Oscillator – This is the one giving the bullish convergence signal. From the chart you can see how price remained flat. Likewise, the price was flat during that time. This is indicative of some strong bull moves.
Stoch RSI – OVERSOLD right now and may just start busting up. We are in the lower resistance prong and I would expect at some point to return to the median line on the pitchfork .
Aroon Oscillator – It looks to be getting ready to switch to buy soonish. Maybe in the next few days we will be seeing 650s!

Targets
Bull Target: $660
Bear: 622
Extreme Bull: 707
Extreme Bear: 605
Timing: July 22 – July 24

Lala, you know what it is. Slightly more stuff at the blog about CampBX. I'm doing some research and stuff for inflation vs consumer spending with the dollar. http://www.allbitcointa.cu.cc/2014/07/what-caused-campbx-price-to-spike.html
Nice chart man will keep track of this one too! Thx for tagging me
Reply
ItisCalvin Kazonomics
2 years ago
And thanks for the idea of the fun squiggly lines.

It should be fun to see where we go in the pitchfork. Up, up? Or... Down, Down.
From the one recent candle it is going on track for the orange.
Reply
ChartArt ItisCalvin
2 years ago
As of today the current BTC price aligns exactly with your yellow squiggly line (which signals the downtrend I'm expecting to start since 10 days).

Bitcoin is facing a larger correction


3 Bitcoin short targets and a Buddha quote
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ItisCalvin ChartArt
2 years ago
Watching us follow that Orange line is quite fun. Looks like we broke lower towards the lower median pitchfork line. Sideways we go! Now to see if we'll go any lower or become more stable.
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ChartArt ItisCalvin
2 years ago
Let's see if we stay in your yellow line area or go down more, soon.

snapshot
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ItisCalvin ChartArt
2 years ago
Yeah, that line is hard to draw since it doesn't always go where you want it. Critical point on that pitchfork is coming up. Either bounce or break that channel. Maybe their is some ... Well UO is still giving bullish convergence. That is the one positive near term indicator so far.

Cooking up some fresh TA right now. Weekly chart looking at some indicators. Getting my write up down for my blog and TV + Reddit.
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ChartArt ItisCalvin
2 years ago
Great. Did you drew this yellow line "free by hand", or does TradingView offer a special tool for curved lines (I couldn't find one).
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ItisCalvin ChartArt
2 years ago
It is free hand with a mouse. The tool is the brush one, and it should be the fourth one down. At least on my resolution (1366 x 768). I think TV expands the columns to 2 on bigger screens. Still the fourth if you count from left to right.
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ChartArt ItisCalvin
2 years ago
Thanks for your detailed explanation where to find it. I will try out the brush.
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Macainian
2 years ago
Anybody have a nice link to some place to learn about pitchforks?
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ItisCalvin Macainian
2 years ago
I'll find a decent one for you. Hang tight I'm on mobile.
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ItisCalvin Macainian
2 years ago
Here is a great site with awesome examples.
http://www.tradingsetupsreview.com/andrews-pitchfork-trading-strategy/
Reply
ChartArt ItisCalvin
2 years ago
What I will never understand: Price trends move like waves that ripple in oscillatory motions. Straight lines are straight.

Why does it make sense to use straight lines to analyze oscillatory wave motions?
Reply
ChartArt ChartArt
2 years ago
"Turbulence may be defined as the most general case of unsteady fluid motion"

Look at figure 1
http://www.thermopedia.com/content/1224/
Reply
ItisCalvin ChartArt
2 years ago
I think most of the time it's easier to use straight lines to simplify things.

Price is crashing hard right now.
Reply
ChartArt ItisCalvin
2 years ago
The price crash already ended. I bought back.
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ItisCalvin ChartArt
2 years ago
I guess it did end and I was catching tail end if it. I had a live ticker going on a website. Maybe this be the end for now. I'm not seeing any news that would suggest we go any lower. All technical.
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ChartArt ItisCalvin
2 years ago
I made a new chart with the hope that this the end of the correction:

A possible path of a bullish Bitcoin breakout
Reply
ChartArt ItisCalvin
2 years ago
Because of people who still think the price is crashing - that is explaining the next upcoming much smaller correction, until everyone sees that the bottom for the current move has already been found.
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CrazyC_BTC ChartArt
2 years ago
the bottom always in for you bulls
Reply
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