I’m continually requested why I’m so “beeping” enamored with Andrews Pitchfork. In right this moment’s Substack Weblog I’ll reply that query.
Until a technician needs to crawl down the Gann “rabbit” gap there isn’t a different technical software that merely identifies the value/time grid, or vector, in addition to Andrews Pitchfork. The weekly chart (and each day to comply with) displays this prevalence. Throughout the nasty selloff in Ethereum (in addition to Bitcoin and others) costs held at assist supplied by the Median Line (gold dotted line highlighted with yellow circle) of the Normal Pitchfork (Gold P1-P3). With out using Pitchfork analyses that potential assist and worth pivot degree at 3,436.40 would have by no means been identifiable. This additionally provides credence to using the variant of Pitchfork that we had chosen.
It has been stated by these smarter than me, that the flush was associated to the unwinding of derivatives and over leveraged positions, and which may very effectively have been the trigger. Regardless of the case, we’ll let others ponder that and we’ll to stay to our knitting.
What we’re watching carefully is the situation of the Weekly MACD, The oscillator failed to verify the brand new worth highs in November by failing to achieve a brand new excessive (purple dashed line) however we would want to see a decrease low within the momentum oscillator for us to be totally involved with the technical situation of Ethereum in the long run.
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