BTCUSD: Two Possible Scenarios for the Near Term.
Hi Everyone! Simply wanted to provide two possible scenarios for the Near Term Group of time frames (Daily, 2-Day, 3-Day & 4-Day). I also wanted to point out we need the White Energy in the 3 hour to CLOSE "above" 50 before the Red RSI in the 6 hour CROSSES "below" 50 in order for upward pressure to have a much better chance of resuming for the Near Term. Are we currently in a period of downward pressure for the Near Term? Yes... However, we cannot determine if the price action can go sideways or have a decent drop (shakeout) during this period of downward pressure simply by looking at the Near Term Group of time frames. We can simply determine sideways at best and downward at worse for the Near Term. We can also reasonably say our White Upper B-Band in the 3-Day and 4-Day time frames will likely act as our support if we were to see a decent drop (shakeout) during this period of downward pressure in the Near Term Group of time frames.
I still believe one must be super careful if considering opening a short position. If anything, consider opening a long position once it is determined our upward pressure has increased odds of resuming. How would we know this? By paying attention to our White Energy in the 3h and Red RSI in the 6h. We should also consider the 12h and Daily (24h) before making the decision to open a long position. PLEASE do not go crazy with the amount of leverage you choose if margin trading. Don't allow emotions from greed to encourage you to take increased risk.
Happy Trading and Stay Awesome!
David
I still believe one must be super careful if considering opening a short position. If anything, consider opening a long position once it is determined our upward pressure has increased odds of resuming. How would we know this? By paying attention to our White Energy in the 3h and Red RSI in the 6h. We should also consider the 12h and Daily (24h) before making the decision to open a long position. PLEASE do not go crazy with the amount of leverage you choose if margin trading. Don't allow emotions from greed to encourage you to take increased risk.
Happy Trading and Stay Awesome!
David
Comment:
Comment:
UPDATE:
The CURRENT BURST of upward pressure we have seen in the Short Term GROUP and Near Term GROUP of time frames is nearing its end. HOWEVER, we will need to have a look at the White Energy in the Weekly once a NEW Weekly Candle begins on Monday to make a determination if upward pressure is to have a chance of bouncing back up in the Short Term and Near Term GROUP of time frames.
In other words, we need to see what the indicators look like in the Mid Term GROUP of Time Frames (3-Day, 6-Day, 9-Day & 12-Day) to determine if we may see another bout of upward pressure in the Short Term and Near Term GROUP of time frames. The Weekly Time Frame would fall within the GROUP of Time Frames we use for the Mid Term GROUP. We need to see what the White Energy looks like on the Next Weekly Candle. We also have some important new candles in the Mid Term GROUP on November 16th and November 20th.
I'll provide a new video publication within the next 4 to 8 hours to provide a more detailed overview of what we are looking for in the indicators to determine what may occur over the next 24 to 96 hours.
Here is the current look at the 3 hour, 6 hour, 12 hour and 4-Day time frames:
The CURRENT BURST of upward pressure we have seen in the Short Term GROUP and Near Term GROUP of time frames is nearing its end. HOWEVER, we will need to have a look at the White Energy in the Weekly once a NEW Weekly Candle begins on Monday to make a determination if upward pressure is to have a chance of bouncing back up in the Short Term and Near Term GROUP of time frames.
In other words, we need to see what the indicators look like in the Mid Term GROUP of Time Frames (3-Day, 6-Day, 9-Day & 12-Day) to determine if we may see another bout of upward pressure in the Short Term and Near Term GROUP of time frames. The Weekly Time Frame would fall within the GROUP of Time Frames we use for the Mid Term GROUP. We need to see what the White Energy looks like on the Next Weekly Candle. We also have some important new candles in the Mid Term GROUP on November 16th and November 20th.
I'll provide a new video publication within the next 4 to 8 hours to provide a more detailed overview of what we are looking for in the indicators to determine what may occur over the next 24 to 96 hours.
Here is the current look at the 3 hour, 6 hour, 12 hour and 4-Day time frames:
Comment:
UPDATE:
If you are a new follower and not aware of what time frames are included in each GROUP of time frames, here is a description below:
SHORT TERM GROUP: (90 minute, 3 hour, 6 hour & 12 hour); sometimes use the 1 hour, 4 hour, 8 hour and 12 hour.
NEAR TERM GROUP: (1-Day, 2-Day, 3-Day & 4-Day)
MID TERM GROUP: (3-Day, 6-Day, 9-Day & 12-Day); sometimes use the 2-Day, 4-Day, 8-Day and 10-Day
LONG TERM GROUP: (1-Week, 2-Week, 3-Week & 4-Week); sometimes use the 2-Week, 4-Week, 6-Week & 8-Week on FOREX pairs, stocks and occasionally on Bitcoin.
If you are a new follower and not aware of what time frames are included in each GROUP of time frames, here is a description below:
SHORT TERM GROUP: (90 minute, 3 hour, 6 hour & 12 hour); sometimes use the 1 hour, 4 hour, 8 hour and 12 hour.
NEAR TERM GROUP: (1-Day, 2-Day, 3-Day & 4-Day)
MID TERM GROUP: (3-Day, 6-Day, 9-Day & 12-Day); sometimes use the 2-Day, 4-Day, 8-Day and 10-Day
LONG TERM GROUP: (1-Week, 2-Week, 3-Week & 4-Week); sometimes use the 2-Week, 4-Week, 6-Week & 8-Week on FOREX pairs, stocks and occasionally on Bitcoin.
Comment:
UPDATE:
Here's a look at the 12 hour:
Here's a look at the 12 hour:
3-Day Time Frame: