Thoughts on Bitcoin from a Pitchfork perspective
As everyone knows, the price of bitcoin has soared to meteoric heights recently. While I won't try to predict where it's going to go with this post, I wanted to call attention to how well a pitchfork structure described price action before the run-up (from mid-July to late November).
1. After points 1 and 2 were established, price gravitated and consolidated toward the median line.
2. Price proceeded to rally to point 3, which was a textbook description of resistance within the pitchfork structure. Consistent long wicks through the top confirm this.
3. Price meets the median line yet again, and shoots through with convincing marubozus (as should happen).
4. Further consolidation along pitchfork resistance after the 4th point occurs, before price action breaks free to start the run-up we see today.
The only action that wasn't clearly defined by the pitchfork is point 4, where I see resistance at the 38.2% fibonacci. Other than that, I think it's pretty remarkable how textbook price action was during this time period.
1. After points 1 and 2 were established, price gravitated and consolidated toward the median line.
2. Price proceeded to rally to point 3, which was a textbook description of resistance within the pitchfork structure. Consistent long wicks through the top confirm this.
3. Price meets the median line yet again, and shoots through with convincing marubozus (as should happen).
4. Further consolidation along pitchfork resistance after the 4th point occurs, before price action breaks free to start the run-up we see today.
The only action that wasn't clearly defined by the pitchfork is point 4, where I see resistance at the 38.2% fibonacci. Other than that, I think it's pretty remarkable how textbook price action was during this time period.
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