BTC: Price Ranging Sideways While Waiting on 2D 3D and 4D
Hi Everyone! I pointed out how high the level of the Red Line is currently in the 16-Day, 17-Day, 18-Day, 19-Day, 20-Day and 3-Week time frames. How high? Well, the Red Line is above AQUA Level 90 in those time frames. Which is why the price action has come back up above the AQUA Upper B-Band in those time frames to get in harmony with the Level of the Red Line being above AQUA Upper Level 90 within Phoenix Ascending.
So, it's understandable we are currently seeing over-extension UP in the 2-Day, 3-Day and 4-Day time frames at present. However, are we ready to go UP FROM the White Upper B-Band WITH AUTHORITY (expansion) in the 2-Day, 3-Day and 4-Day? Well, not quite yet in my opinion. Why? It's because the level of the Red Line in those time frames is not even above Yellow Level 50 at present. We would prefer the Red Line in the 3-Day and 4-Day especially, the be on the verge of going UP FROM White Level 70 to justify the price going UP FROM the White Upper B-Band in the 3-Day and 4-Day. However, we currently do not see this. Which is why I'm saying we will continue to range sideways with $42,000 remaining very strong support.
Yes, it's possible to see a move to the downside near $41,450 to $42,000. However, I would expect such a move to act as a shakeout if that move occurs over the next two to ten days. It's going to take a while for the Red Line in the 3-Day and 4-Day to rise above Yellow Level 50 to get to a point where the Red Line is ready to go UP FROM White Level 70. Which would justify the price going UP FROM the White Upper B-Band with authority (expansion). Hence, the reason for saying choppy sideways with a slow trend to the upside while remaining choppy.
BOTTOM LINE: The Level of the Red Line in the 16-Day, 17-Day, 18-Day, 19-Day, 20-Day and 3-Week time frames is too high to justify us falling down below $42,000 and remaining below $42,000 for a sustained period of time. We are in a very high demand market at present. Any moves to the down side < AT THIS POINT > will only be shakeouts and will NOT result in an extended bear market.
I hope this publication was helpful.
Happy Trading and Stay Awesome!
I'm heading to the post office.
David
So, it's understandable we are currently seeing over-extension UP in the 2-Day, 3-Day and 4-Day time frames at present. However, are we ready to go UP FROM the White Upper B-Band WITH AUTHORITY (expansion) in the 2-Day, 3-Day and 4-Day? Well, not quite yet in my opinion. Why? It's because the level of the Red Line in those time frames is not even above Yellow Level 50 at present. We would prefer the Red Line in the 3-Day and 4-Day especially, the be on the verge of going UP FROM White Level 70 to justify the price going UP FROM the White Upper B-Band in the 3-Day and 4-Day. However, we currently do not see this. Which is why I'm saying we will continue to range sideways with $42,000 remaining very strong support.
Yes, it's possible to see a move to the downside near $41,450 to $42,000. However, I would expect such a move to act as a shakeout if that move occurs over the next two to ten days. It's going to take a while for the Red Line in the 3-Day and 4-Day to rise above Yellow Level 50 to get to a point where the Red Line is ready to go UP FROM White Level 70. Which would justify the price going UP FROM the White Upper B-Band with authority (expansion). Hence, the reason for saying choppy sideways with a slow trend to the upside while remaining choppy.
BOTTOM LINE: The Level of the Red Line in the 16-Day, 17-Day, 18-Day, 19-Day, 20-Day and 3-Week time frames is too high to justify us falling down below $42,000 and remaining below $42,000 for a sustained period of time. We are in a very high demand market at present. Any moves to the down side < AT THIS POINT > will only be shakeouts and will NOT result in an extended bear market.
I hope this publication was helpful.
Happy Trading and Stay Awesome!
I'm heading to the post office.
David
Here is my Long Term Group of time frames; which includes the 16-Day, 17-Day, 18-Day, 19-Day, 20-Day and 3-Week time frames mentioned in the video: