Pitchforks are a good tool for seeing trends and in this case, corrective price action. Throughout much of the 2014 trend, Bitcoin             price respects the channel between the median to upper median lines. However it does foray down to near the lower median line to form the selling climax.

Its interesting to see that the 200smma death cross on 2014 and current bearish phases occurs on the upper median line after a similar time period. If the current trend were to follow 2014 further in similarity, then a selling climax may occur on or near the lower median line .

When the trend finished in 2014, price moved above the 200smma and moved passed the dotted ‘warning line’ of the pitchfork , showing the end of the trend. This was shortly followed by a golden cross.

Bitcoin’s favourite 0.618fib is approaching along with the upper median line again. A move down from here towards the median line seems likely if Bitcoin             is to continue in corrective similarity to 2014 (see previous idea for more detail on previous oscillations and fib levels).

Much of this idea was learned from ‘Waves618’ who is the pitchfork king 😉