We have an underthrow of the lower ML of the pitchfork, which can be used an entry point, along with that we also have a bullish continuation divergence, I'll be waiting for a momentum off set which will make a fractal bar, to get long. Also waiting on for a logical context, maybe I'll see the daily chart to build a context.
This is a time to buy, BTC is in a potential manipulation area, buy with a tight stop loss, press zone are often formed when the marker makers get in the market, it's one of those fingerprints of market makers which they cannot hide.
I've been posting ideas for weeks now that this was the bottom. Now i see three probable areas to take profit on your holdings we'll come back when it happens. Don't try to fomo in on alts as the time for buying was when $BTC was ranging between 32-35k wait for a retracement.
BTC has bottomed in my opinion it can still be volatile and a few wicks to liquidate the longs can happen but a weekly close won't happen below the triple intersection. Building confluence is very important, a demand zone plus a couple of pitchforks with underthrowing lines send the same message. This is the bottom. I can be wrong but I'm going to add more BTC to...
Previous pitchfork models have been good but they weren't fit for picking reversals. This simple modified pitchforks seems to be in tune with the market. Let's see if btc reverses from the 30-32k range. If you are struck with alts and you are confident with there fundamentals then you should hold as it's not worth realizing those big losses. And alts always...
I weekly close below 38239 will trigger a bear market. Right now we are seeing the extreme fear which is expected right around the extremes. This can be good opportunity to buy. A close folloowed by a retest means death and destruction. But it hasn't happened yet and Bitcoin is still in a technical uptrend (weekly).
It's a clear uptrend with a underthrow range getting tighter. This current price action is nothing but a nuke to flush out the weak hands. The current weekly candle won't close below the 43k (if it does that doesn't mean a bear market there'll always be the lower limit of the pitchfork acting as support. New ATH in march 2022.
The previous pitchfork beautifully shows the top. This new pitchfork (black) could also do the same assuming the wick down to 42k was the bottom as of now $BTC is respecting the new pitchfork. Fib time zone almost perfectly spotted two reversals, let's see how this plays out.
A reversal can be seen on the triple intersection of the two pitchforks and the demand line. Be cautious anything can happen. The probability of every trade is 50:50 your trading system just gives you an edge.
A daily close above 58500 will be very bullish. If BTC goes below the demand zone this will be a bearish retest. Always remember big players don't look for strength in the 1h.4h time frame they look for strengths in the 12h.1d time frame.
$CHR is looking good but wait for the supply zone to be cleared to have a better risk to reward ratio as if you take a trade inside the supply zone you might get a better entry but a logical SL will be much lower and it will mess up your risk to reward ratio.
Rally-base-rally and drop-base-drop are probably the most seen demand supply continuation pattern 53k is a possible look out for fib 0.618.
*Don't panic the exact same thing happened in the 2017 rally a drop to 0.618fib level drawn from the July bottom to mid/early November's second top. The Elliott's wave structure will be broken/invalidated but this brings in...
Before we get into the calculations let's get a few things clear-
*W2 cannot retrace more than 100% of W1.
*W3 cannot be the shortest wave.
*W4 can never go beyond W3 at anytime.
*End of Impulsive waves doesn't mean regressive waves will start. Another 5 Impulsive waves can start (like we see in super bullish alts) or we can see regressive waves.
Historically pitchforks have been very successful on almost every chart, in the above chart you can clearly see those big wicks which are purposefully taken to those levels to fill out buying orders don't be shaken out by this.