A Pitchfork is a method in technical analysis that employs three equidistant trend lines to map out possible price corridors and market trends, currently present on the lower time-frame on Bitcoin.

How price action trades out of the Pitchfork will dictate the next volatility expansion 

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Wisdom Drops

Bitcoin Pitchfork

In todays analysis -BTCUSDT - Trading in a Pitchfork formation where constricting price action is forming before an inevitable expansion.

Points to consider ✍️ 

• PA Respecting Pitchfork

• Mid-Point Bullish Resistance

• Constricting Price Action

• Breakout = Expansion

The current price action is very clean, each lower timeframe pivot has been from the Pitchfork. The Mid-Point has been flipped with a bullish retest, showing LTF significance

Price Action will get restricted within the Pitchfork, this means a breakout will come to fruition in the coming days,

Overall, in from Bitcoin Insider’s perspective, BTCUSDT is a valid long with defined risk, price action is to be used upon discretion/management.

Hope this analysis helps.

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