The merciless Bears in BitcoinBITFINEX:BTCUSD COINBASE:BTCUSD BITSTAMP:BTCUSD
A simple Andrew pitchfork idea
1.Last time we broke out of the Downward pennant with bullish reverse divergence and price magnet theory of the pitchforks
2.This time there is no divergence and the price magnet theory is also expected to play out, to reach the median line of the pitchfork which is alsoi the monthly and weekly support..
3.The critical S2 weekly support is unstable also
In premonition, if there is going to be a break of the current downward pennant, there must be price failure and we need to watch for divergence , which is texted to be the primary trigger for a price failure theory away from the median line ..
Also if there is any reversal from my present target level , it would form a possibility of a nice double bottom, the volumes are lower in the current bottom formation...
The current pitchfork is drawn from the recent double top formation and there is presently no sign of reversal and price magnet theory is completely in play..
Disclaimer... No active trades.. No cryptocurrency in possession at this time....
This is not an investing/trading recommendation..
