...We still have more POTENTIAL upward pressure remaining in the 10-Day and 12-Day time frames. Meaning, we may see my next Long Term 1.618 FIB Extension come into play. We are about to see a VERY VOLATILE WEEK this Weekly candle in my opinion. It's hard to say at this point in time exactly what we're going to do. I offered scenarios in the video of us running up to my Mid Term 1.618 FIB Extension (20.9K and 21.26K) followed by a shakeout potentially to 16K then shoot right back up even higher. That is actually possible. it's also possible to remain sideways and continue up to Long Term 1.618 FIB at 30K -OR- not have a shakeout before continuing up. We need to see the next 10-Day and 12-Day candles before drawing that kind of conclusion. I do not want to make a call prematurely in that regard without seeing the next 10-Day and 12-Day candles.
I hope this was helpful...
Happy Trading and Stay Awesome!
David
Comment
⋅
UPDATE:
I'm getting messages saying, "You're leaving it very open on this publication..."
Yes, I know... I "refuse" to say something as if it's a matter of fact or with 100 percent certainty when we are at a point in which the Energy in the Weekly is near level 50 and we still have yet to see what the Green Line and Energy are going to do in the 12h time frame. ALSO: When the 12 hour finally does exhaust, we honestly do NOT know if we will see a dump then or if we see just a small dip before continuing up.
Unfortunately, we are at a point in which we are FORCED to day trade to try to Sell at or near what COULD be the "top." Yet, we don't know for certain if this is the "top" or if we could see a simple shakeout before continuing higher.
You are seeing a PRIME example in which the Swing Trader is FORCED to become a DAY TRADER at some point near a POTENTIAL SWING.
Comment
⋅
UPDATE
I'm leaning more towards a POTENTIAL "shakeout" at $20,900 to $21,260 back down to the Aqua UPPER or White UPPER B-Band in the Weekly. THEN turn back up to higher highs. However, I'm NOT willing to say that WILL occur... Mainly because of how close the White Energy in the Weekly is to level 50 and we have not seen what occurs with the exhaustion coming up in the 12 hour time frame.
Comment
⋅
UPDATE:
Here's a look at BitFinex BTCUSD (top); BitFinex Margin Short Contracts (middle) and BitFinex Margin Long Contracts (bottom).
Comment
⋅
UPDATE:
Those of you who have followed me a while know full well the Red RSI falling below level 56 to level 50 and lower increases the odds of the price action falling toward the Aqua/Orange LOWER B-Bands if the price action was already at the B-Band BASIS before falling.
See in the 3h:
Comment
⋅
UPDATE:
CLARIFICATION: It does NOT mean we absolutely will fall to the Aqua/Orange LOWER B-Bands. I've simply found more often than not, this will occur. Meaning, you will be correction on where the price action will fall most of the time. The price action will almost definitely hit the White LOWER B-Band during this occurrence with the Red RSI falling below level 50.
Comment
⋅
UPDATE:
Hi Everyone,
I got a decent amount of rest and relaxation. I'm waiting on the current 12 hour candle to "close" before providing updates on multiple pairs again; including BTCUSD. The next 12 hour candle will begin in approximately 4 hours.
I think all the people messaging you about your even handed analysis should resolve to become a more patient trader. I enjoy day trading as well when I have time, but if I'm going to resolve to gamble I'll just play several hands of hold-em.
Your ability to be a balanced analyst in the face of impatient demand is what makes you stay awesome (among other things).
At the risk of sounding redundant...
Stay awesome! =)
WyckoffMode
⋅
@ThatGD,
Hi ThatGD,
Thanks for your time and for commenting... Appreciate the compliment (positive feedback) as well.
I'm with you on the "hold-em." ; )
Stay Awesome, Mate!
David
raoultesla
⋅
Dave, do groups camp outside on your front lawn?
As always, totally real.
Cheers.
They would be freezing their ass off about now. It's in the 20's tonight (Fahrenheit).
Best to try to keep it real, Mate!
Stay Awesome!
David
Rule72
⋅
Great analysis again. Yes, you are right in saying that if things are very "open" then your analysis should reflect that and not be tempted to shout all sorts of attention grabbers. Many thanks and here is my analysis attached.
TheCryptobaught
⋅
David, I love your videos! You give a realistic view on the current situation during multiple time frames and explain thoroughly why you come to your conclusions. Can you please let me have access to the indicator that you use? Also, can you tell me what I should learn to be able to use the indicator? Thanks again and keep up the great work.