NANOBTC - Break out the pitchfork!
I took a quick look into the Andrews Pitchfork as I believe it helps with understanding price action within a up or down trend. And like with many other tools, they're often meant to be broken or absolutely wrong.
Either way, this downward pitchfork sure looks interesting and seems to contain the price within their respective channels while being attracted to the median line. My wild guess is that price wants to shoot for the median line in a downward trend for a target of 0.0010103 BTC. Then it should trend downward to bounce back up and hopefully a reversal in trend.
Again, I'm just speaking out my ass. I am an amateur, but I'm calling it as I want to see it. Just don't forget that this whole thing could turn out to be a 2-year bear market. Look at the BTC data from it's high in 2013 until it's next uptrend.
Either way, this downward pitchfork sure looks interesting and seems to contain the price within their respective channels while being attracted to the median line. My wild guess is that price wants to shoot for the median line in a downward trend for a target of 0.0010103 BTC. Then it should trend downward to bounce back up and hopefully a reversal in trend.
Again, I'm just speaking out my ass. I am an amateur, but I'm calling it as I want to see it. Just don't forget that this whole thing could turn out to be a 2-year bear market. Look at the BTC data from it's high in 2013 until it's next uptrend.
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