Daily Bitcoin Pitchfork Analysis
2024-09-23

Key Observations:
 

🔹Dynamic Range: The price uses the Pitchfork channel as a dynamic range, bouncing within it.

🔹August Movement: In August, the price hit the bottom of the Pitchfork and made a dip (1) to retest an important support (dashed black line from the previous post) without touching it.

🔹Quick Recovery: The price quickly returned inside the Pitchfork, rising above the median line and finding resistance at the upper 0.5 parallel (2). Notice how the price approached the resistance without touching it (failure).

🔹Support Test: The price then retested the support offered by the lower parallel of the Pitchfork (3), with a very contained dip.

🔹Resistance Encounter: The price rose again, finding resistance at the median line without even touching it (4).

🔹Support Confirmation: The price found support at the lower 0.5 parallel (5), another failure. After this bullish confirmation, the price resumed its upward movement.

🔹Breaking Resistance: The price decisively moved above the median line, which turned from resistance to support, and precisely touched the upper 0.5 parallel, acting as temporary resistance (6).

🔹Future Projections: based on the price behavior within this Pitchfork, we can hypothesize that before breaking this new resistance, the price might retest the green median line (see previous post). This would be particularly bullish if the median line isn’t touched (7), potentially leading to a rise above the upper 0.5 parallel and reaching the upper parallel of the Pitchfork. If this happens, the price could either bounce back down, staying within the dynamic range of the Pitchfork, or break upwards, starting a new upward phase.

