Assuming you put your points right, the pitchfork is different depending on whether it's the original, Schiff, Modified Schiff or Inside. Have you figured which pitchfork is most appropriate when?
sumastardon
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Forget elegance. Trade patterns
brunskovic
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@Kryptokelly I'm pretty new to charting. But this pitchfork is by far the hardest one to get right I've tried so far. Tried to mimic yours but for educational purposes but I can't get it even close.
Kryptokelly
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@brunskovic, The thing that can be very hard with pitchforks is to decide a trough. Sometimes its obvious, sometimes, not at all.
But recreating one shouldnt be that difficult. What's your problem? Perhaps I can help you :)
Acel
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If this can go up above 2 and getting back to reallity soon, doesnt that mean that it can get lower than low and come back above low soon?
Lihnku
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@Acel, I think youre right, but the Main reason ut wont happend is because big investorer buy the dip before it may happend. When things are positive people get the feeling of missing big gains, the early investor is taking profit on the top. In desember when people take profit from 19k there have to be buyers to be able to sell. In that case people have to panic on the downside and panic more than the big investor is able to buy. They might push price down, but not as long as people belive in a major crash. 80 % correction may still be in play from 19k, but i dont think were ever see btc to under 5k ever again . But its possible im wrong offcourse.
Acel
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@BjornErikLien, i feel like this year will be massive for crypto. Big players are not in the game yet and 6k is still expensive for them. I think there are a lot waiting for the panic sell to start and take advantage of that.
6k is not the bottom yet, t has to be retested. It was just way too much support at that point that makes people believe that its the bottom. The massive sell off made it bounce that fast ( action - reaction) but it has run out of steam, i dont see it going much further befor re-testing the lows.
Lihnku
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@Acel, there sure is some big players in the game, but youre might be right. Im having the impression of the 6k was the bottom, but that we might her a retest at theese Leveld, but in my mind it have to happend soon. Alot og profit was taken at 19k before xmas and some of that money has gone back in. Stock is also s factor X here. If we get a crash with big losses there, alot of volume might go from crypto to stock to get even, so the pressure down will be more if that continues. Ive lost money in wrong minds before, so im open up or down, but screaming 4K wont help her it there. I think a retest of 6, and back up. If it dont hold, we might need a new plan. Have some cash on the side anyway might be good.