consolidating... i will be watching this week + next week.
This is a thread looking to tell the story of Bitcoin's swings with Modified Schiff Pitchforks (aka 'Hard Forks' because they are tricky to understand and explain for TA beginners). This is a bit of fun, but there is some serious TA in there as well. These tools are legit and I recommend spending some time learning geometry techniques like these, or not......
w e can see that the dxy is showing bullish movement within channel. if it can stay in upper boundary it will be bullish lets see if it can test the middle macd shows bearish cross
Everybody knows stonks only go up and so does Bitcoin . The real question is if and when are we in a bullrun?
Bitcoin hasn't actually closed above that purple middle pitchfork line since 2018 . We've bumped into twice now , in 2019 and just recently . That's called a Schiff Pitchfork and I find it does seem to fit certain charts , it fits bitcoin pretty well going straight back to 2018 , so perhaps this pitchfork has some staying power . Whilst closing above that purple...
If we break below the black multi-year support line, and if we test it's underbelly successfully by bouncing off the white 0.25 level of the Schiff pitchfork, which we seem to have done already, we need to fall below the white 0.25 level and turn it into resistance. If this happens and if we stay decisively below it, for several weeks, after multiple...
At first, I see that CHFJPY respects its trendline, then I added Schiff Pitchfork that provides clearer levels of the price movement. I consider the 0.5 line of Pitchfork as an inner trend line and the 1.0 line of Pitchfork as the main trend line. Now the movement of price seems slow, that I predict the price will move down first to take more orders to rise. In...
The price forms Double Top or M-Pattern that it is expected to go down until the next Demand area below. After that, the price will follow its main trend direction; Uptrend on Daily. The price is expected to touch 0.5 line of Pitchfork which confluence with demand area (the grey box) before going up, or, touch the outer line; 1.0 level; of Pitchfork which...
Here's a Schiff Pitchfork I've scaled over the past few weeks. What do you think? Critics welcomed.
The price has gone way above the channel. I'm not exactly sure what this means. Do I re-draw it? Or is this going to come down hard? The way the market is now, it looks like it's going to slide way down to around $220.00 Please let me know your thoughts.
Using anchor points A,B, and C, this Schiff fork has guided price action well since the June high. A solid daily close above the upper parallel would put us back into a bullish scenario... but not until that happens!! If we drop back lower, I'm looking for lower parallels to act as support.
Schiff pitchfork using points 1, 2, 3. These channels have been valid for all historical XRP price action. Profit potential on right side: ~300%+ Oversold RSI, similar patterns for previous huge returns on both stoch and regular. Support at 2600 hasn't yet been touched, nor broken, was used for previous pumps My previous XRP TA (below) resulted in being stopped...
MDA/BTC looks dead right now, but it is retesting the top of the pitchfork channel after its huge run from fall 2018 to spring 2019. Could be a good R:R for entry, with a clear SL level.
Well it seems that I was wrong about the direction of the break from that fib time zone and my stops were hit at $7440 en-route to our current schiff pitchfork resistance. Some elliot wave analysts called it so the pace of this recovery was unexpected to me but obviously not to a others. If you press play on my previous chart, you can see that we reached the...
Bitcoin analysis update is here. My outlook remains bearish. So, let me to explain to you why... > 4H = Bearish = BB narrow, price below Basis, one retest of the bottom of the channel. RSI decreasing, Level 38. MACD histogram bearish + bearish crossover. > 1D = Bearish = Since the Bitcoin was rejected by $9K level, it still decreases. BB's channels remains...
Possible short term paths outlined on the chart using the Schiff pitchfork. Bitcoin temporarily lost momentum as evident by creating lower highs on the 15 minute chart. Currently there's a good chance we will drop into channel D and consolidate there before making a next move. If we break up through channel B resistance then this will show that BTC has regained...
Good day Traders Using the $8500 July 2018 highs as a starting point (the peak before we broke market structure), you get interesting results if you use a schiff pitchfork to then connect the December 2018 lows to the recent $5975 peak for 2019. Using the same starting point, add Fib Time Zones connecting the December 18 lows, and we find anticpated areas of...
This is probably not popular opinion but not long now before bitcoin’s descent back to $4.2k before final capitulation. This is evident using a fib circle connecting the swing low for 2015 to the 2017 ATH and a Schiff Pitchfork connecting the 2013 swing high to the 2015 swing low up to the 2017 ATH, to give us the bigger picture. Then for a comparative view of the...