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.
Comment
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UPDATE:
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.
Thank you for sharing your analysis and insights regarding the importance of the next 5-week candle in the cryptocurrency market, particularly in relation to the Bollinger Bands and historical price movements.
JustTyrex
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hi,'
lets hope for it
Capt-Ahab
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No chance that we see 35k again, but I'd welcome it if hell does freeze over. Just another chance to stack sats.
I look at many time frames. My Super Macro Group of time frames I monitor are the 2-Week, 3-Week, 4-Week, 5-Week, 6-Week, 8-Week, 10-Week and 12-Week time frames.
As for what "advantage" there may be when looking at these time frames... I pay attention to the levels of the Red and Blue Lines in each of those time frames; as well as the White Energy to help determine Ceiling of Resistance or Floor of Support over a more extended period of time. Also, to see if upward pressure or downward pressure will continue < or not > for a sustained period of time. As well as a few other things.
2-Week is half of 4-Week, 3-Week is half of 6-Week, 4-Week is half of 8-Week, 5-Week is half of 10-Week and 6-Week is half of 12-Week. I use those time frames (one half of another) for pressure races in order to see how long upward or downward pressure will continue < or not > for a sustained period of time < or not > .
ReallyMe
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@WyckoffMode, thanks for the clarification. It makes perfect sense. An interesting system. What has always interested me about all TA systems is whether there is one that really helps to look into the future, because all these systems analyze the past. The interesting question for me is whether what will happen in the future can really be deduced from the past, or whether it is just our imagination that we could actually do it.
fastprofittrader
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35k is solid target, good job
friscotrader
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BTC should fall down ; sharp & quick... not sure about value but my indicators shown as 34xxx... as long as over 432xx , it can still go up... BTC ETFs fuxked up all crypto