Bitcoin might be in a rising Schiff Pitchfork
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Bitcoin is in a rising pitchfork. Blue regions are high possiblity. Red regions are low possibility. Yesterday's top price confirms this border.
Min Price: 6200... This is where blue band of pitchfork and wedge roof (see below) intersects. The price is not likely to fall further.
Max Price: 7290... Tops are descending since December. This is where pitchfork middle meets that trend line. There is a strong resistance there. It is not impossible to breach this line but I have to be very careful here.
Signals to Buy:
- Volume is increasing
- Squeezed Momentum: 2 bars rising
- Stoch RSI: K crossed D up
- Multi TImeframe RSI: Buy Signal
Signs for end of down trend
- Descending Pitchfork:
The price was in a descending pitchfork. It totally breached the top of it. We are not in it anymore.
- Descending Wedge & Descending Broadening Wedge
Currently the price is both is a descending wedge and descending broadening wedge. The roof is shared by them (dark green line).
The price is trying to breach the wedge roof at the moment. The wedge roof has a strong resistance. When it is breached the price will start to fly.
The period of this strategy
This strategy is valid as long as the price is in the rising pitchfork (even the red area)
Purchase Policy
The sharper it drops the more one buys... Because I am not suggesting a certain price but movement in a pitchfork
Note: I am not claiming that the price will drop to 6200. It might immediately rise as well. I claim just the pitchfork.
(This is not a trading advice. Only personal view)
Min Price: 6200... This is where blue band of pitchfork and wedge roof (see below) intersects. The price is not likely to fall further.
Max Price: 7290... Tops are descending since December. This is where pitchfork middle meets that trend line. There is a strong resistance there. It is not impossible to breach this line but I have to be very careful here.
Signals to Buy:
- Volume is increasing
- Squeezed Momentum: 2 bars rising
- Stoch RSI: K crossed D up
- Multi TImeframe RSI: Buy Signal
Signs for end of down trend
- Descending Pitchfork:
The price was in a descending pitchfork. It totally breached the top of it. We are not in it anymore.
- Descending Wedge & Descending Broadening Wedge
Currently the price is both is a descending wedge and descending broadening wedge. The roof is shared by them (dark green line).
The price is trying to breach the wedge roof at the moment. The wedge roof has a strong resistance. When it is breached the price will start to fly.
The period of this strategy
This strategy is valid as long as the price is in the rising pitchfork (even the red area)
Purchase Policy
The sharper it drops the more one buys... Because I am not suggesting a certain price but movement in a pitchfork
Note: I am not claiming that the price will drop to 6200. It might immediately rise as well. I claim just the pitchfork.
(This is not a trading advice. Only personal view)
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