BTCUSD pitchfork pattern analysis

27 wrz 2020

BTCUSD is within a wedge. I find it more likely that it will break through on the upside but on the down side it's possible as well. If the former, here's a possible path BTCUSD may take based on pitchfork patterns (towards the intersection of the 2 lines). One strategy may be to wait till a breakout is evident.

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27 wrz 2020

Uwaga

I was right about an imminent break from the wedge (of, course, the wedge was getting too narrow). I said: "find it more likely that it will break through on the upside but on the down side it's possible as well. One strategy may be to wait till a breakout is evident." Well, it broke through the downside and if you caught the break through you could have made some profit selling short BTCUSD (if your broker allows that). It went down to about the next pitchfork line after which it bounced back up. At this point the price may swing up and down but I expect it to break through on the upside of the lower wedge line (well, it was the higher line but after the intersection that's happening soon it will be the lower one). New pitchfork I drew matches the higher wedge line (again after the intersection) and will be the new resistance to break through (after a while).