BTCUSDT
Bitcoin is back at the top of the channel that it's been navigating through since Mid January.
Applying a Schiff Pitchfork , price is right under the resistance line.
The daily RSI is just crossing into overbought levels.
The 200d Moving Average is perched right above the current price level.
Lastly, a Bearish Gartley Pattern has formed right as price reaches a combination of overbought RSI , trendline , and pitchfork resistance.
The average price decline following a Bearish Gartley chart pattern is 14% in bull markets, 23% in bear markets.
While I tend to think Bitcoin is in a bear market, I know others may see it differently.
Both a 14% & 23% price decline take us to key support areas of the pitchfork . (14% - Median Line / 23% - Lower Support Line)
I notated both in this analysis.
Commentaire:
TV glitched out and shifted the path of the green bars. In the original idea all of the green bars are within the fork. Price is following the path perfectly.