Did someone say Pitchfork? Just an idea showing PF channels
Was playing around on the BTC charts and projected Pitchforks from the Early 2015, 2016 and 2017.
Honestly the still seems to be playing a major role.
Overall Long-Term Outlook:
First off testing the ~11.8k resistance line. (unless it breaks into the upper channels)
Finding support around the ~6.5k support line, which correlates to the 2016 and 2017 Pitchforks. (could break lower to the ~3.5k support,but not likely IMO).
From there returning to the ~9.8k- 11.5k Retest/ break current channel:
(~17.3K July 2020 If the channel is broken upward. (Bounce or break up into new channels after 17K target is reached))
(If the ~12k Resistance level isnt broken here we are going into the biggest bearish recession BTC has ever seen.)
(If it plays out as displayed above BTC will find life again ~4k mark around November 2022)
NOT AN EXPERT DISCLAIMER.
Honestly the biggest factor in the playbook has and always will be Global Adoption.
The crypto community will continue to be held back by governments laws and regulation, until final word is spoken on the matter, in turn governments have only been integrating into the Crypto space for ~3 years which span over investigations in multiple different assets on top of multiple exchange bans.
(Not to say following government regulations is a bad thing, but it also makes you think of what is left to come, and how far we are from an equal medium)
Will update if this turns out to be a functioning chart,
as always DYOR and Good Luck.
Honestly the still seems to be playing a major role.
Overall Long-Term Outlook:
First off testing the ~11.8k resistance line. (unless it breaks into the upper channels)
Finding support around the ~6.5k support line, which correlates to the 2016 and 2017 Pitchforks. (could break lower to the ~3.5k support,but not likely IMO).
From there returning to the ~9.8k- 11.5k Retest/ break current channel:
(~17.3K July 2020 If the channel is broken upward. (Bounce or break up into new channels after 17K target is reached))
(If the ~12k Resistance level isnt broken here we are going into the biggest bearish recession BTC has ever seen.)
(If it plays out as displayed above BTC will find life again ~4k mark around November 2022)
NOT AN EXPERT DISCLAIMER.
Honestly the biggest factor in the playbook has and always will be Global Adoption.
The crypto community will continue to be held back by governments laws and regulation, until final word is spoken on the matter, in turn governments have only been integrating into the Crypto space for ~3 years which span over investigations in multiple different assets on top of multiple exchange bans.
(Not to say following government regulations is a bad thing, but it also makes you think of what is left to come, and how far we are from an equal medium)
Will update if this turns out to be a functioning chart,
as always DYOR and Good Luck.
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