Bitcoin Pitch Fan ResistanceBitcoin is meeting resistance at the middle of the Pitch Fan on the 1 hour chart
Pitchfan
ADAUSDT 4h: Pitchfork studyDear Traders
This is a very simple pitchfork study on ADAUSDT in 4h time-frame.
the price touches the lines very well. although it is possible to break out the middle line of one pitchfork and increases to (3), the other pitchfork's target hit. So the most possible movement is a bearish movement to the (1) and (2).
please comment me your ideas.
BTC: Pitchfan tells us a story...It's no secret that the alarm bells are ringing for bitcoin but what can we expect in the not so distant future?
Using pitchfan we can see a clear pattern of tops and bottoms being formed on the blue line (1 and -1). What is interesting is the "no fly zone" that has been established between the Fibonacci numbers of 0.382 and -0.382 marked in green. Price action does not stay long in this zone is is quickly pushed to the next Fibonacci level of 0.618 and -0.618 marked in teal. Currently we are sitting on the median line (red). History shows us two things: Firstly the median line provides both very strong resistance and very strong support. Secondly, every time BTC tests on this line it eventually crosses it. It hurts me to say but the likelihood of BTC bouncing back up into a bull trend is very slim (well for now anyway). If history repeats itself, which it normally does we can expect BTC to break under the median and consolidate around the -0.618 zone (aprox $43k) before dumping down to the blue line on -1 (aprox $30k).
This behaviour happens to provide confluence with the Wyckoff distribution schematic #1 which also suggests BTC is on its way to the $30k mark. While it maybe hard to believe the probability of this scenario gets greater day by day.
ADA's Support around 1.596 for Current PeakFibonacci indicates that ADA has reached the apex of the current phase of the current bull, which still looks healthy. For the 4 weeks to come, the price should decline. The bull should resume after.
This is also supported by the trend lines of March and September 2020, as well as volume profiling. Add to this that the latest rise was against the market's tide, which increases the short-term tension.
For the short term, it's a short. Otherwise, it's a long.
SNXUSDT-4h : up trend channelDear Traders
using the Regression trend tool, one can see easily the uptrend channel in 4h time frame. the pitchfork also confirms it. price moves within the channel and hit the pitchfork levels well. As a result, if the price touches the mid-line and breaks it out, it will go to the top of the channel. if the price can not hit the midline of the pitchfork, it would go down sharply.
comment your ideas
BTC : Dark Side of the MoonLong you live and high you fly
but only if you ride the tide
balanced on the biggest wave
you missed the starting gun
you run and you run to catch up with the sun but it's sinking
half a page of scribbled lines
hanging on in quiet desperation
no surprise that they're giving none away
us and them, up and down
with, without
the paper holds their folded faces to the floor
and if the dam breaks open many years too soon
and if there is no room upon the hill
and if your head explodes with dark forebodings too
I'll see you on the dark side of the moon
// Durbtrade
SNAPCHAT CUP AND HANDLEPrepare for a nice bullish run on snapchat after handle confirmation. Take profits when it breaks pitchfan or at fib levels.
BTCUSDT pitchfanIf weekly candle success to close above middle line of this Pitchfan , $BTC will start another rally.
and if it is going to close below this middle line, #BTC price will fall into $40k
COIN : OUTCOIN bounces out of the descending channel that it's been rolling in since the beginning of the week.
Has a base of COIN been established at 300?
Starting with a horizontal ray at 310 (the bottom of the big drop),
I began using rays to connect the higher wicks together, and then the lows together.
After that, I extended some rays to the left and looked at where all the lines intersect.
Using these lines and points, I placed pitchfans, lining the outside edges up to the rays.
Once I established the main placement of the pitchfans,
I removed some unnecessary rays
and then edited the divisions of the pitchfans in the settings, lining up the divisions to wicks of the inner candles
in the most meaningful ways that I could.
If you zoom in you can see that every single line on the chart aligns with atleast 2 wicks or 2 candle bodies,
other lines line up with quite more.
Each line is specifically placed while considering wick importance and # of wicks aligned.
Fib spirals too.
2 triangles were then placed forming a pyramid structure
in order to express the fact that one of the reasons
that I am currently analyzing the trends in COIN price action in this way
is to try to establish a possible price base of COIN after its IPO fallout
to use as justification for a possible and timely buy in.
And here we are, 50 cents above that initial low point after the IPO.
Will COIN continue to roll downhill, or will it start bouncing higher?
I am not completely sure, and tomorrow this chart may look quite different than it does now.
It's fascinating.
Got my eye on COIN...
watching for a "heads bulls win, tails bears lose" scenario.
//Durbtrade
When In Doubt, Zoom Out1Day Btc/Usd - We've got lots of headroom people, and I'll tell you this... after she broke 20k and hit 42k, I've learned not to underestimate her ability to shatter limitations.
LTCUSDTAs you can see Litecoin touched the pitchfork 0.5 line and created a solid move,
quite a possibility for a new uptrend
As of now, Litecoin is moving exactly as expected, for more information I will put the link of the previous idea below 👇
BB - The little fruit that couldBlackBerry.
BlackBerry is a company that has all the odds stacked against it. Hedge funds, analysts, triple letter Government entities (looking at you SEC) and shorts. Specially analysts and financial social media outlets seem to have some sort agenda against pushing positive BlackBerry articles. BlackBerry social media has been very active and this is being actively ignored by financial social media outlets. BlackBerry is fighting the greatest battle it has ever fought.
What are we seeing?
Volume, volume has been low during the past month. My thought is that LONGS are holding their positions tightly and have no reason to sell (this kills the crab). The volume we see is mainly shorts making a quick buck and what very little swing trades that can be had.
Price has been moving from $13 to high $8s. Accumulation being done at prices lower than $10.
MA-200
This week we are very close to making contact with MA200 line. I think we may touch the line by today's close. This worries me a bit because ER is next week and we could easily drop from given all of the odds that are stacked against $BB (see first paragraph).
ER
BlackBerry ER is next week. Depending on how good (hoping for this) or bad (very unlikely, but that is just my bias) it is we will see the price drop further down into the $8 realm possibly $7 dollar realm. We should have no issue recovering from this and any accumulation down there should be highly encouraged. Remember we have the odds stacked against, that is no longer an opinion, there is plenty of evidence.
Final thoughts
You can observe in the chart the story being told by the pitchfork and pitchfan. BlackBerry has an enormous upside potential, we are just facing some public sentiment battles that are being totally manufactured. BlackBerry fundamentals have not changed, John Chen has formed many alliances, everything points to a strong $BB future. We will eventually weather all these conditions.
ENJUSDT Prediction If you've followed me for some time, you know my method is a little different from others, I'm using mostly pitchfork and pitch-fan and comparing relative market to each other to reach conclusion, that does not mean I'm a better technical person, but I have different perspective of market.
BTCUSDT Prediction DXY brokering almost every resistance was in her path and all predictions. Since when BTC started its uptrend, DXY was in descending channel, but in the last few weeks she shifted her course to another state and that made BTC uptrend slower and now im suspicious BTC will change its course to start ABC of Eliot waves.
BTC Are You Still Long???Quick idea. There is a double bottom, and we are retesting the neckline now.
This seems to be a very strong support with the support from:
1. Neckline
2. bottom of megaphone
3. 0.25 pitch fan level
4. Accumulation area
Based on the double bottom my price target is around $67k but also marked in the chart some more price targets as a green rectangle.
One last thing is the RSI is in a support zone on the 4h and it is oversold in CCI indicating it is not very likely that the price will continue down.
Overall:
You may want to wait a little longer to see if we hold above $55k, but a long here is fairly safe and watch to take profits around $65k+.
The best way to support me and get me to release more ideas is to follow, comment, and like. Thank you.
