I’m consistently requested why I’m so “beeping” enamored with Andrews Pitchfork. In as we speak’s Substack Weblog I’ll reply that query.
Except a technician needs to crawl down the Gann “rabbit” gap there isn’t a different technical device that merely identifies the value/time grid, or vector, in addition to Andrews Pitchfork. The weekly chart (and every day to observe) displays this prevalence. In the course of 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 Commonplace Pitchfork (Gold P1-P3). With out the usage of Pitchfork analyses that potential assist and worth pivot stage at 3,436.40 would have by no means been identifiable. This additionally provides credence to the usage of 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 that may very effectively have been the trigger. Regardless of the case, we are going to let others ponder that and we are going to to stay to our knitting.
What we’re watching intently 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.