Pitchfork + RSI + resistance analysis -> My bearish analysis

Mar 24, 2020

Hi guys - just sharing this humble idea, I noticed BTC is respecting the Pitchfork in this picture almost to perfection. Right now we are about to hit the 7K USD level (if BTC keeps going up). As soon as it hits the 7K mark (if it does) I expect BTC/USD to go down to at least 5900'ish. where the inferior (blue) section of the pitchfork starts. I don't think it'll go much deeper into that area taking into account the RSI will be oversold, as well as the fact that the depth wasn't much previously (about 5800). Speaking of RSI, it's already overbought right now as well.

For the time being, I'm waiting for BTC to drop to 5900-6000 range and see what happens