Hi all,
I've been posting my ideas for a while now on Twitter as Cryptotoad, but I though why not also post on TV as here I am not limited by 280 characters:).
I'll be posting my analysis on TV from now on, but if you want to catch my daily posts on the crypto market plz consider giving me a follow on twitter.
Anyway let's get to it. I love using Pitchforks as I find them to underline the market structure very well and price tends to respects the main fib levels of the PF. Many stop using that pitchfork when price breaks the 1.0 line, but here I want to show you that even when price moves beyond the 1.0 line the PF remains relevant. I use a well known Pitchfork that many used during the first part of the correction. However, after price broke the 1.0 line on Jan 14th I haven't seen it pass by since and I think that isn't deserved. I added the 2, 3, 4 and 5 line of that same pitchfork and clearly you can see that PA has respected all those lines very well, testing and backtesting them. At the moment BTC is having some trouble breaking the 4.0 line having tested it three times now.
Would it be weird to target the 5.0 line if btc breaks bullishly above the 4.0 line?
Would it be weird to target the 3.0 line if btc gets rejected at the 4.0 line?
I don't see those targets as bottom or top targets I use other methods to pinpoint those, but I see them as intermediate targets to aim for during a trade where you can expect a reaction of the market.
I am neutral at the moment so will see how the market develops.
Happy tradin'
Cryptotoad
I've been posting my ideas for a while now on Twitter as Cryptotoad, but I though why not also post on TV as here I am not limited by 280 characters:).
I'll be posting my analysis on TV from now on, but if you want to catch my daily posts on the crypto market plz consider giving me a follow on twitter.
Anyway let's get to it. I love using Pitchforks as I find them to underline the market structure very well and price tends to respects the main fib levels of the PF. Many stop using that pitchfork when price breaks the 1.0 line, but here I want to show you that even when price moves beyond the 1.0 line the PF remains relevant. I use a well known Pitchfork that many used during the first part of the correction. However, after price broke the 1.0 line on Jan 14th I haven't seen it pass by since and I think that isn't deserved. I added the 2, 3, 4 and 5 line of that same pitchfork and clearly you can see that PA has respected all those lines very well, testing and backtesting them. At the moment BTC is having some trouble breaking the 4.0 line having tested it three times now.
Would it be weird to target the 5.0 line if btc breaks bullishly above the 4.0 line?
Would it be weird to target the 3.0 line if btc gets rejected at the 4.0 line?
I don't see those targets as bottom or top targets I use other methods to pinpoint those, but I see them as intermediate targets to aim for during a trade where you can expect a reaction of the market.
I am neutral at the moment so will see how the market develops.
Happy tradin'
Cryptotoad