As stated on a previous Idea, BTC/ USDT is trading on a Modified Schiff Pitchfork since 2020.
BTC/ USDT is currently trading inside an ascending channel (White). The Upper Channel Line is the multi month trendline (Bold Yellow) that we broke in January.
BTC/ USDT is currently trading inside an ascending channel (White). The Upper Channel Line is the multi month trendline (Bold Yellow) that we broke in January.
- If we reclaim the 0.236 Fibo and the level 1.5 (Purple Trend) of the Modified Schiff Pitchfork as support, we could expect a move to the upside, the first stop would be the 0.382 Fibo and we should be very cautious around this level, a huge Overlap is waiting us as resistance, combined with the 200 SMA Daily and the multi month trendline / Upper Channel Line.
- If BTC can't reclaim the 0.236 Fibo and the level 1.5 (Purple Trend) of the Modified Schiff Pitchfork, we could expect a rejection to the lower level of the Modified Schiff Pitchfork (Pink Trend and Red Trend)