Hi Everyone! The price action has acted like it simply did not want to fall to or below $11,100 during this period of downward pressure. We are not totally out of the woods just yet with the White Energy being higher than the Green Line in the 6 hour and the Red RSI still falling in the Daily. The 2-Day time frame is also a little questionable at the moment. However, if one were to have a close look at the level of the Red RSI in the 3-Day, 4-Day, 5-Day, 6-Day, 7-Day, 8-Day and 9-Day time frames, we may actually be on the verge of considerable upward pressure building.
Should you consider Dollar Cost Averaging at current price range if you have not accumulated just yet? I would with at least 30% of my capital intended for investment in Bitcoin; while holding onto the remaining 70% just in case we still have a pullback. If we do have a pullback, it may be super quick with its recovery back up to price levels it fell from. So, you should have buy orders scattered from $11,315 and lower in my opinion.
I'll follow up periodically with chart updates in the description of this publication.
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Wanted to provide important points on this chart to consider in the 3h, 6h and 12h time frames for the Short Term:
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12 hour time frame:
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Here's a little "nugget" for the 6 hour time frame regarding the "level" of the Blue LSMA:
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Don't forget the Green Line and White Energy are currently above level 80 in the 6 hour time frame I just posted. They are potentially approaching exhaustion at the current level BUT they can go sideways a while and price action continues moving higher. This means the Green Line would have to go sideways or higher and end up a "higher" level than the White Energy. If the Green Line in the 6 hour can manage to get to a substantial higher level than the White Energy, this could be a setup for repeated higher highs and higher lows in the 6 hour.
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Another "nugget" with the Blue LSMA in the 3-Day Time Frame to determine odds of repeated higher highs and higher lows for the Near Term Group of Time Frames (3-Day, 6-Day, 9-Day and 12-Day):
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Another "nugget" using the 2-Week Time Frame for "LONG TERM" analysis:
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Another "nugget" using the 1-Month Time Frame for "LONG TERM" analysis:
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Another "nugget" using the 6-Week Time Frame for "LONG TERM" analysis: