Looking to Double-Confirm the Pitchfork
Hello everyone, I'm going to be looking at 
BTCUSD today, and on my charts the 200 Day is purple, the 50 Day yellow, and the 21 Day blue.
It looks the BTC markets may have finally heard all the good news we've been seeing recently. Today was our do-or-die day, and it looks like we are doing just fine. Yesterday (8/6) we toed the edge of the blue zone in the pitchfork, and it looks like we've found very important support at that level. If we continue to see an uptick in price action, then I will be feeling rather confident that we've formed a nice trend here that we can follow with the pitchfork. I'd like to see a break above the 200 Day today to find more stable support, but if we follow the same pattern as the previous bottom 7/12 - 7/15, it may take a few days for another jump up.
Assuming that we will continue to see a bullish trend, let's look a bit longer-term now. Our next serious point of resistance, aside from the pitchfork trend lines, is around the $10,000 mark. I'll be taking some profits around these levels, but will definitely maintain most of my position. We may experience some slight stagnation around there as it is a big even and a point of previous resistance at 5/5, but I would be very surprised if we did not break above given our bullish momentum leading up to it.
Thanks for reading, stay smart out there.
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Dillon Seals
BTCUSD today, and on my charts the 200 Day is purple, the 50 Day yellow, and the 21 Day blue.It looks the BTC markets may have finally heard all the good news we've been seeing recently. Today was our do-or-die day, and it looks like we are doing just fine. Yesterday (8/6) we toed the edge of the blue zone in the pitchfork, and it looks like we've found very important support at that level. If we continue to see an uptick in price action, then I will be feeling rather confident that we've formed a nice trend here that we can follow with the pitchfork. I'd like to see a break above the 200 Day today to find more stable support, but if we follow the same pattern as the previous bottom 7/12 - 7/15, it may take a few days for another jump up.
Assuming that we will continue to see a bullish trend, let's look a bit longer-term now. Our next serious point of resistance, aside from the pitchfork trend lines, is around the $10,000 mark. I'll be taking some profits around these levels, but will definitely maintain most of my position. We may experience some slight stagnation around there as it is a big even and a point of previous resistance at 5/5, but I would be very surprised if we did not break above given our bullish momentum leading up to it.
Thanks for reading, stay smart out there.
---
Dillon Seals
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