BTC: 3-Week White Lower B-Band to Act as Resistance for a While
Hi Everyone! Hope everyone is doing okay... I'm doing fine... Simply wanted to point out we still have potential to continue rising up toward $27,000 to $28,000 over the next couple of weeks. The reason for posting the 3-Week time frame is to point out our current CEILING OF RESISTANCE we should anticipate over the next several weeks while this plays out. It's too soon to say at present if we are in accumulation or if we are still in distribution. We likely need to wait for a few more Weekly candles to play out before we see indicators in higher time frames show we have increased odds of being in accumulation. Such as the 5-Week time frame. I'll post more updates from several time frames shortly.
RED TEXT BUBBLE:
Red Line of 18 Feb '19 was similar level to present day. NOTE we had a problem rising up from white lower B-Band until the Red Line made it up to white level 30 a couple of 3-Week candles later.
Present Day White Lower B-Band is currently at $28,431.53 at this writing. We have 8-Days and 17-hours remaining in the current 3-Week candle. We had similar issue with price action not going
above White Lower B-Band 16 Feb '15 due to Red Line not being at or above White Level 30. If price action rises above White Lower B-Band this 3-Week candle, it would be considered over-extended.
Red Line of 18 Feb '19 was similar level to present day. NOTE we had a problem rising up from white lower B-Band until the Red Line made it up to white level 30 a couple of 3-Week candles later.
Present Day White Lower B-Band is currently at $28,431.53 at this writing. We have 8-Days and 17-hours remaining in the current 3-Week candle. We had similar issue with price action not going
above White Lower B-Band 16 Feb '15 due to Red Line not being at or above White Level 30. If price action rises above White Lower B-Band this 3-Week candle, it would be considered over-extended.
Comment:
UPDATE:
1-Week time frame:
RED TEXT BUBBLE:
Odds are highly in favor of price action continuing to rise up to at least
the Yellow B-Band Basis due to the Red Line being near Level 50. Yes,
we also have potential to continue rising up to the white/aqua upper
b-bands afterward but please remember what I pointed out about the
white lower b-band in the 3-Week time frame acting as our ceiling of
resistance until the Red Line in the 3-Week rises up to or above level 30.
YELLOW TEXT BUBBLE:
Current target is the Yellow B-Band Basis;
currently approximately $29,200
1-Week time frame:
RED TEXT BUBBLE:
Odds are highly in favor of price action continuing to rise up to at least
the Yellow B-Band Basis due to the Red Line being near Level 50. Yes,
we also have potential to continue rising up to the white/aqua upper
b-bands afterward but please remember what I pointed out about the
white lower b-band in the 3-Week time frame acting as our ceiling of
resistance until the Red Line in the 3-Week rises up to or above level 30.
YELLOW TEXT BUBBLE:
Current target is the Yellow B-Band Basis;
currently approximately $29,200
Comment:
UPDATE:
4-Day Time Frame: Odds are actually quite good for price action to continue rising in the 4-Day time frame up to proximity of the Yellow B-Band Basis (around $29,200 at this writing).
4-Day Time Frame: Odds are actually quite good for price action to continue rising in the 4-Day time frame up to proximity of the Yellow B-Band Basis (around $29,200 at this writing).
Comment:
UPDATE:
Forgot to mention the Yellow K-Line in the CURRENT 4-Day candle is currently at level 75 (not far off from Level 80). We have 1-Day and 17 hours remaining in the current 4-Day candle. I would say there is a pretty good chance the Yellow K-Line of the Stochastic RSI will continue rising above Level 80 the NEXT 4-Day candle; increasing odds to continue rising up to AT LEAST the Yellow B-Band Basis around $29,200.
Forgot to mention the Yellow K-Line in the CURRENT 4-Day candle is currently at level 75 (not far off from Level 80). We have 1-Day and 17 hours remaining in the current 4-Day candle. I would say there is a pretty good chance the Yellow K-Line of the Stochastic RSI will continue rising above Level 80 the NEXT 4-Day candle; increasing odds to continue rising up to AT LEAST the Yellow B-Band Basis around $29,200.
Comment:
UPDATE:
By the way, I figured out that is NOT the 4-Day time frame. LOL... That is the Weekly time frame... My bad... So, everything I said is about the WEEKLY and NOT the 4-Day.
By the way, I figured out that is NOT the 4-Day time frame. LOL... That is the Weekly time frame... My bad... So, everything I said is about the WEEKLY and NOT the 4-Day.
Comment:
UPDATE:
8-Week time frame:
RED TEXT BUBBLE:
Red Line is approaching Level 50. Falling below level 50
will increase odds for price action to remain below the
b-band basis. We have potential to fall in similar fashion
to what we saw the 8-Week candle that began 08 Oct '18.
YELLOW TEXT BUBBLE:
Our K-Line and D-Line of Stochastic RSI are both VERY LOW in this 8-Week
time frame. So, either we are in an early stage of accumulation or we are
still in Distribution. The NEXT 8-WEEKS will be critical because the Red
Line will likely go below level 50 the NEXT 8-Week candle. This has usually
resulted in a Red Candle. We will see what the next 8-Week candle has in
store for us very soon. 1-Day and 16-hours away before next 8-Week candle
begins.
4-Week Time Frame:
BLUE TEXT BUBBLE:
If the Blue Line can manage to remain above white level 30 the next two 4-Week
candles, we have a decent chance of being in accumulation.
RED TEXT BUBBLE:
Red Line needs to turn up above white Level 30 the next 4-Week candle
if we are to see the price action have a chance of rising above the white
lower b-band; which currently sits at approximately $29,550. The next
4-Week candle begins 1-Day and 16-hours from this writing.
YELLOW TEXT BUBBLE:
It would help if the K-Line and D-Line for the Stochastic RSI would continue
rising up to or above aqua level 10 the next 4-Week candle in order for odds
to increase for us actually being in accumulation instead of distribution.
8-Week time frame:
RED TEXT BUBBLE:
Red Line is approaching Level 50. Falling below level 50
will increase odds for price action to remain below the
b-band basis. We have potential to fall in similar fashion
to what we saw the 8-Week candle that began 08 Oct '18.
YELLOW TEXT BUBBLE:
Our K-Line and D-Line of Stochastic RSI are both VERY LOW in this 8-Week
time frame. So, either we are in an early stage of accumulation or we are
still in Distribution. The NEXT 8-WEEKS will be critical because the Red
Line will likely go below level 50 the NEXT 8-Week candle. This has usually
resulted in a Red Candle. We will see what the next 8-Week candle has in
store for us very soon. 1-Day and 16-hours away before next 8-Week candle
begins.
4-Week Time Frame:
BLUE TEXT BUBBLE:
If the Blue Line can manage to remain above white level 30 the next two 4-Week
candles, we have a decent chance of being in accumulation.
RED TEXT BUBBLE:
Red Line needs to turn up above white Level 30 the next 4-Week candle
if we are to see the price action have a chance of rising above the white
lower b-band; which currently sits at approximately $29,550. The next
4-Week candle begins 1-Day and 16-hours from this writing.
YELLOW TEXT BUBBLE:
It would help if the K-Line and D-Line for the Stochastic RSI would continue
rising up to or above aqua level 10 the next 4-Week candle in order for odds
to increase for us actually being in accumulation instead of distribution.
Comment:
UPDATE:
KEEP IN MIND: When I say, "The White Lower B-Band will act as resistance for a while in the 3-Week Time Frame," I'm basically implying PROXIMITY to the white lower b-band. Which means YES, the price action can rise above the white lower b-band but do not be surprised if that candle ends up CLOSING "below" the White Lower B-Band. So, yes, we COULD "wick" up above the White Lower B-Band before the Red Line gets to white level 30. However, the odds of us going UP FROM the white lower b-band toward the b-band basis in the 3-Week is quite low until the Red Line can CLOSE "above" white level 30.
KEEP IN MIND: When I say, "The White Lower B-Band will act as resistance for a while in the 3-Week Time Frame," I'm basically implying PROXIMITY to the white lower b-band. Which means YES, the price action can rise above the white lower b-band but do not be surprised if that candle ends up CLOSING "below" the White Lower B-Band. So, yes, we COULD "wick" up above the White Lower B-Band before the Red Line gets to white level 30. However, the odds of us going UP FROM the white lower b-band toward the b-band basis in the 3-Week is quite low until the Red Line can CLOSE "above" white level 30.
5-Week time frame: Each time our Red Line got to or near level 20 in the 5-Week time frame; it ended up we were in Accumulation. So, it's very possible we could be in the early stage of accumulation.