Place your bets. Price is at a major point of control and has created an expanding megaphone with potential for price to test the top after clearing 56381. The former is contingent upon price closing and holding above 37000.
Median lines, or "Andrew's Pitchfork" and its variants are a powerful tool to analyze any instrument. Find any pivot H-L-H (high-low-high) or L-H-L (low-high-low) and project your median line forward. The path that BTC has been tracing was projected some time ago. Try it out.
Weekly Chicago pattern printed above 3823.60. This consists of an outside week (3) followed by an inside week (1) ending with a directional weekly candle up (2). Coined by Rob Smith
#TheStrat @RobInTheBlack #Chicago #312
Areas of interest.
Pink trendline = measured move
blue circles = similar moves above/below median line
red circle = when price fails to reach the median line, it usually meanders sideways and then moves strongly in the opposite direction
pink circle = target
lets see what happens
Earnings report tomorrow morning. Should be pretty abysmal....covid, copper not doing so hot, revenue should be down with mine closures and low consumption/need for copper. Took some put positions EOD today. Lets see what happens. Technical rationale on the chart.
The "eyes" are my potential targets for tomorrow.
Been studying Gann for the past couple weeks. The man was a genius! This is a really simple analysis and is actually one of the "easiest" of Gann's methods to determine pivot zones. With two data points you could calculate the expected reversal point that triggered this years insane sell off. My best advice is to do the work....do the calculations and prove it...
Onward, noble steed. Picked up some calls Friday EOD around 1 hour to close. Apparently they went 1000x....., . Def not holding my breath and paying special attention to futures activity on Sunday night. A gap up would be great and makes sense technically, longer TF ES and NQ RSI/MFI were oversold and are now trending upward. Either way I expect more tom...
A gap down Monday through the red dotted median channel lines would not be surprising and confirm their relevance. Pending other bad news this harmonic pattern could play out to test the upper channel again and close the gap. In the event of more bad news/selling there are plenty of open gaps and targets outlined. I favor letting the MFI / RSI cool off on a gap...