Bitcoin Price Fails: Triangles, Andrews' Pitchfork, OBV
Bitcoin price has fallen through all the triangles drawn on this chart - including the big green symmetrical triangle based on the $339.79 low.
Bitcoin price failed to reach escape velocity after breaking out of Andrews' Pitchfork and could never break above descending blue price trigger line. At this point, there is the possibility that price falls back into the pitchfork, taking price significantly lower.
On Balance Volume (OBV) failed to stay above critical black line. That failure, in concert with triangles breakdown, and failure of price to rise above buy trigger line, foreshadowed lower Bitcoin price.
Bitcoin price failed to reach escape velocity after breaking out of Andrews' Pitchfork and could never break above descending blue price trigger line. At this point, there is the possibility that price falls back into the pitchfork, taking price significantly lower.
On Balance Volume (OBV) failed to stay above critical black line. That failure, in concert with triangles breakdown, and failure of price to rise above buy trigger line, foreshadowed lower Bitcoin price.
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