Pitchfork Holding Nicely, Looking for Support Here or at 200 Day

2018年8月1日

It seems that BTCUSD looks to be forming a trend with Andrew's Pitchfork.



We held the bottom of the blue zone nicely 7/13 & 7/14, and corrected down as expected on 7/24. Now, we're looking to see if we can find a couple key levels of support at the bottom of the green fork today, or at the 200 day SMA. If we can hold within the green of the pitchfork I will remain feeling very confidently bullish, though if we break this support we still have the bottom of the blue fork and the 200 day to look to. If this trend continues to hold, it should prove to be quite the useful indicator for BTCUSD moving forward, though once the ETF news hits I expect a break through the upside, likely disrupting the trend with the surge in volume and exuberance.

For those looking for a rather short-term trade, this could be a nice opportunity to make a little profit, and it could also be a nice spot to make a new addition for those such as myself who are more interested in holding over the next few months or so in expectation of a massive volume increase.

Thanks for reading, stay smart out there everyone.

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Dillon Seals