TON's Decisive Moment: Pitchfork Analysis Shows Key Zone Confron
Hey traders! Let's break down this interesting TradingView chart of TON/USDT that's caught my attention. I've been trading with Andrews' Pitchfork for years, and this setup is particularly fascinating.
First, let's look at what we're seeing. The chart shows several parallel pitchfork channels (those green diagonal lines), and two key zones have been identified: a "Strong Supply Zone" around the 6.4-6.8 USDT range and a "Weak Demand Zone" in the lower areas.
What's really grabbing my attention are those two red circles on the chart. These aren't just random markings - they show crucial price interactions with our pitchfork lines. The upper circle shows where price recently rejected from the supply zone, while the lower circle marks a significant bounce from the demand area. This is exactly what we want to see when trading with pitchforks - price respecting these technical levels.
Looking at the shorter term, we've just seen a pretty sharp pullback from the supply zone, which suggests bears are still in control at these higher levels. The current price sitting at 6.337 USDT (shown in the top left) tells us we're in a bit of a no-man's land between our key zones.
For the medium term, what's really interesting is how price broke out of that orange descending channel back in November. This was a major structural change and led to that strong rally we've seen. The fact that price is now consolidating in this higher range suggests buyers haven't completely lost control despite the recent pullback.
Long term outlook? Those parallel pitchfork channels are trending upward, which gives us a bullish bias overall. However, smart traders should watch those zone interactions carefully. A clear break above the supply zone could signal another leg up, while a fall below the demand zone might mean we need to reassess our bullish stance.
One last thing - see that purple marker near the bottom right? That looks like a potential future support level we should keep an eye on.
Remember folks, no trade is guaranteed, but these technical setups can give us good odds if we play them right. Always manage your risk and don't bet the farm on any single trade!
What's your take on this setup? Are you seeing any other interesting patterns I might have missed?
First, let's look at what we're seeing. The chart shows several parallel pitchfork channels (those green diagonal lines), and two key zones have been identified: a "Strong Supply Zone" around the 6.4-6.8 USDT range and a "Weak Demand Zone" in the lower areas.
What's really grabbing my attention are those two red circles on the chart. These aren't just random markings - they show crucial price interactions with our pitchfork lines. The upper circle shows where price recently rejected from the supply zone, while the lower circle marks a significant bounce from the demand area. This is exactly what we want to see when trading with pitchforks - price respecting these technical levels.
Looking at the shorter term, we've just seen a pretty sharp pullback from the supply zone, which suggests bears are still in control at these higher levels. The current price sitting at 6.337 USDT (shown in the top left) tells us we're in a bit of a no-man's land between our key zones.
For the medium term, what's really interesting is how price broke out of that orange descending channel back in November. This was a major structural change and led to that strong rally we've seen. The fact that price is now consolidating in this higher range suggests buyers haven't completely lost control despite the recent pullback.
Long term outlook? Those parallel pitchfork channels are trending upward, which gives us a bullish bias overall. However, smart traders should watch those zone interactions carefully. A clear break above the supply zone could signal another leg up, while a fall below the demand zone might mean we need to reassess our bullish stance.
One last thing - see that purple marker near the bottom right? That looks like a potential future support level we should keep an eye on.
Remember folks, no trade is guaranteed, but these technical setups can give us good odds if we play them right. Always manage your risk and don't bet the farm on any single trade!
What's your take on this setup? Are you seeing any other interesting patterns I might have missed?
Anmerkung
Well, our setup turned out to take place exactly as expected
Haftungsausschluss
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