On the Monthly Bitcoin chart, we can see that the instrument is breaking above the long-term uptrend Schiff Andrew’s Pitchfork channel 5000 resistance and is going for a test of the 200% extended line 62500. A bounce from 45000 and a break above 50000 have opened a new swing to the high. For the upside extension to be invalidated we need to see a confirmed break below 50200 now.
On a Daily chart, we saw the Pitchfork channel uptrend median support line bounce off 55900 We could see an extension to a median line of the second channel half 60000 and higher to an uptrend channel resistance line 65000 as long as the price action is above 56000. Look for the long trade entries with the stop loss below 55000 and target the median line 65000.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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