BTC: Next 5-Week Candle is Critical and Why
Hi Everyone! Simply wanted to point out how important the "closing" of the NEXT 5-Week candle is critical. Very critical... Why? Well, read the text inside the Blue Text Bubble; which states:
Next 5-Week candle is critical. How so?
Every time both Red and Blue Lines "close" above white/aqua level 80, the White Upper B-Band
Holds Support. What do I mean by "holds support?" If we have a pullback, the candle will "close"
at or above the White Upper B-Band.
The White Upper B-Band is at $35,452.32 at this writing with 5-Days and 11-hours remaining in
the current 5-Week candle.
If you remember my previous chart publication regarding Garreth salloway's prediction of $32,000 to $30,000 by end of May, 2024, I mentioned the Bitfinex Hack of 2016 several times. Look at where the price fell down to in the 5-Week time frame during the Bitfinex Hack. It fell down to the White Upper B-Band. However, the Aqua Upper B-Band ended up holding support during the Bitfinex Hack due to the 5-Week "closing" above the Aqua Upper B-Band.
So, the NEXT 5-Week candle is extremely important. In that we really want the Red and Blue Lines to "close" above level 80. If the Red and Blue Lines can "close" above level 80 the next 5-Week candle, this would mean two things:
#1 - High Probability the Bull Cycle is officially in full swing.
#2 - The White Upper B-Band has a high probability of "holding" support.
Next 5-Week candle is critical. How so?
Every time both Red and Blue Lines "close" above white/aqua level 80, the White Upper B-Band
Holds Support. What do I mean by "holds support?" If we have a pullback, the candle will "close"
at or above the White Upper B-Band.
The White Upper B-Band is at $35,452.32 at this writing with 5-Days and 11-hours remaining in
the current 5-Week candle.
If you remember my previous chart publication regarding Garreth salloway's prediction of $32,000 to $30,000 by end of May, 2024, I mentioned the Bitfinex Hack of 2016 several times. Look at where the price fell down to in the 5-Week time frame during the Bitfinex Hack. It fell down to the White Upper B-Band. However, the Aqua Upper B-Band ended up holding support during the Bitfinex Hack due to the 5-Week "closing" above the Aqua Upper B-Band.
So, the NEXT 5-Week candle is extremely important. In that we really want the Red and Blue Lines to "close" above level 80. If the Red and Blue Lines can "close" above level 80 the next 5-Week candle, this would mean two things:
#1 - High Probability the Bull Cycle is officially in full swing.
#2 - The White Upper B-Band has a high probability of "holding" support.
We have a "new" 5-Week candle.
RED TEXT BUBBLE:
Both Red and Blue Lines are currently above Level 80. However,
we require them to remain above Level 80 at the "close" of the
current 5-Week candle. We have 1-Month, 5-Days and 2-hours
remaining in the current 5-Week candle.
Also, do not assume the White Energy and Green Line will continue
falling this current 5-Week candle. It's actually possible for this
5-Week candle to "close" with the White Energy and Green Line
both still rising. This candle has just begun. Let's give it time to
play out to get confirmation the Bull Market is officially in full swing.