BTC Pitchfork Action!
BTC - just some interesting pitchfork observations: The price has moved into the upper section of the large pitchfork which follows the long term down trend from the ATH marked by the orange line. The price has dropped back to the 61.8% line of this pitchfork and is recently fluctuating trying to break back through the 78.6%.
The smaller pitchfork shows the shorter term upward trend from 6k. The price sat at the 100% line for a while i.e. matching the channel from 6k, however diminishing volume and an unusual ~400BTC sell yesterday triggered a fall to the 161.8% line and possibly soon below.
So far the large pitchfork is holding a good channel, albeit downward and looking somewhat perilous, between the 61.8 and 78.6. The price is also sitting on the confluence of the 38.2% retracement fib (running from 6k) and the 61.8% of the move from wave 4 to 5.
RSI divergence also finally starting to become apparent on the 4 hour (bullish), although RSI is a little high still overall.
The smaller pitchfork shows the shorter term upward trend from 6k. The price sat at the 100% line for a while i.e. matching the channel from 6k, however diminishing volume and an unusual ~400BTC sell yesterday triggered a fall to the 161.8% line and possibly soon below.
So far the large pitchfork is holding a good channel, albeit downward and looking somewhat perilous, between the 61.8 and 78.6. The price is also sitting on the confluence of the 38.2% retracement fib (running from 6k) and the 61.8% of the move from wave 4 to 5.
RSI divergence also finally starting to become apparent on the 4 hour (bullish), although RSI is a little high still overall.
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