Most charts look at the slope from the all time high through the first large retracement on January 7.
According to this slope we are sitting just under resistance with a failure to break through (Slope represented by descending lines 1 and 2.
This pitchfork outlines a less steep slope since we are not pushing lower. We may be working our way out of the steep slope into a new trading range.
In fact the old and new slopes meet to from a descending triangle or wedge.
Since the descending median line is such strong support I expect it to hold over the old slope. This could be a breakout to 11000. Pattern is invalidated median line is breached and becomes resistancef
Stop , entry and profit target per diagram. r e
According to this slope we are sitting just under resistance with a failure to break through (Slope represented by descending lines 1 and 2.
This pitchfork outlines a less steep slope since we are not pushing lower. We may be working our way out of the steep slope into a new trading range.
In fact the old and new slopes meet to from a descending triangle or wedge.
Since the descending median line is such strong support I expect it to hold over the old slope. This could be a breakout to 11000. Pattern is invalidated median line is breached and becomes resistancef
Stop , entry and profit target per diagram. r e
Note
Note
Above is the OLD pitchfork . We can see that price is once again approaching the new highest descending parallel (sliding parallel above the pitchfork). This ascending wedge will reach 11000 in about 12 hours. Then price may fall. I will look to see where it gets support. Since we are now moving up this down trending slope, I do not expect the downward leg to continue down as far.At the top of the page the NEW fork shows that the last large move down ending February 6-7 pierced the lower parallel of the fork. If price breaks the median line around 9000, then I will look to the bottom of the fork at around 5000
Note
Note
5 min chartNote
I feel the bearish scenario is more likely, but I will look for support at the bottom of the purple area. I think it is more likely to become resistance.
Note the pitchfork has been moved but both descending slopes from the original chart are present.
Below is a detail of the new chart
Note
Possible double bottom around March 20 at 6000
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.