Pitchfork

Just been trying out this new charting website which looks very promising, its called TradingView, heres the link https://www.tradingview.com

This site has lots of tools for technical analysis and indicators and stuff like that, only downside for me is the lack of a log scale. I’m sure many of the people that read this blog regularly know how much i like the log view.

Anyway, thought I’d share my first attempt at an Andrews pitchfork which I’ve posted below on a 2 hour chart. Not going to write too much about it as its getting late and it looks quite self explanitory to me.I know that the handle looks a bit arbitrary placed but the slope of the pitchfork and bounces off support and resistance look pretty good I’d say.

Enjoyed the nice pop up in bitcoins, lets how long this trend continues for…

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4 thoughts on “Pitchfork

      1. I think so. We’re at a pretty big line of resistance at the moment, but I think if it goes over about $165/166 then I think we’ll get stuck around $190 before consolidation at $200 for a while. It is very similar in terms of resistance/support to the rise earlier this year so it could peak around the same too.

        I put this together quickly just running a couple of ideas, haven’t had time to annotate it yet – https://www.tradingview.com/e/QkgWjM6o/# but there are a few channels which cross from the two lows (Jan and July) at roughly the same areas we have lines of support and resistance. Also looks like there is a very high cross around $300 but doubt we’d get anywhere near there.

        It’s still always possible that we won’t break this line at $166 and then I think it’ll fall to about $120 then maybe onto $90 – Although I’m bullish myself, don’t think this will happen. Bitcoin always goes on a ride it seems when there is world concern/economic concern, just relatively low volumes gives us nice big swings!

        Anyway my targets are $170-175 at start of October then maybe around $200 start of December.

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