WyckoffMode

BTCUSD: Two Target Ranges This Period of Upward Pressure.

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hi Everyone! Simply took a few minutes to point out our potential target ranges for this current period of upward pressure we see in the 3-Day Time Frame. I'm of the opinion what we are currently experiencing is a shakeout just before legging up. Could I be wrong? Sure... I'm simply sharing what we are "currently" seeing within the indicators. Can the indicators fluctuate (change); resulting in another update to point out that change? Sure... I'll share more charts with comments inside text bubbles in multiple time frames over the next 24 hours.

This is labeled "LONG" for what I'm seeing in the Near to Mid Term Group of Time Frames. There is no TA in this publication for Scalping Group and Short Term Group of time frames.

Here is the publication chart again in case you have issues reading it:

Comment: UPDATE:

Here is the text within the text bubbles for those who need to copy and paste for translation:

AQUA BLUE Text Bubble:
Let's assume our analysis is correct in regard to upward pressure continuing at least to the 3-Day Candle beginning 01 May '21.
Let's also assume the Bollinger Bands will continue to expand.
Let's also assume the body of each 3-Day candle in the price action will likely stay within the Orange/Aqua Upper B-Bands. Why?
Because the Red RSI and Blue LSMA are both above Level 70 "shortly after" the Red RSI and Blue LSMA both made contact with
the Green EMA "while" the Green EMA is going up; indicating upward pressure. Keep in mind of the "chance" for the price action
to "wick" up to the Red Upper B-Band as well.

WHITE Text Bubble:
If the upward pressure continues till around the 3-Day
candle beginning 01 May '21, the 1.618 FIB Extension
price range ($76,871.97 to $83,165.05) would be the
likely target range for this next leg up.

If the upward pressure continues till around the 3-Day
candle beginning 13 May '21, the 2.618 FIB Extension
price range ($97,807.90 to $107,975.96) would be the
likely target range for this next leg up.

GREEN Text Bubble (inside indicator):
I drew a "depiction" of my own personal opinion of the potential future trek of the White Energy,
Red RSI and Green EMA. It's too soon to say which 3-Day candle we could see a reversal from
positive Energy (Above Level 50) to negative Energy (Below Level 50) with our White Energy Plot.
However, I'm simply sharing my "opinion" this "positive" Energy has the potential to continue to
a date range between the 3-Day candle beginning 01 May '21 and the 3-Day candle beginning
07 May '21.
Comment: UPDATE:

Most of my followers are already familiar with what I'm about to say...

Yes, I do create target ranges in my own special way with a combination of FIB Extension Plots and my own Bollinger Band indicator. I prefer to create price ranges rather than one simple price.

If we have reached our first target range (1.618 FIB Extension Range) and the indicators in the 3-Day and other time frame indicate will still have upward pressure remaining; then I must respect the upward pressure revealed within the indicators and assume we have a chance to leg up a bit higher to the second target range (2.618 FIB Extension Range). Hence, the reason for two (2) target ranges. We simply do not know if this upward pressure continues to early May or middle of May. We must be patient and wait.
Comment: UPDATE:

BTCUSD: Upward Pressure Dominates; Careful if Shorting.
Comment: UPDATE:

My apologies for not being around to provide updates of "potential" changes in the market in order for us to consider alternate plans and trade setups in the event of those changes playing out.

You can see the 9-Day time frame (bottom right of center) in the in the still frame above. You will notice the Green EMA in the 9-Day was "UP" (at that time). It is currently "DOWN." I will create a video publication later this evening. My time is very limited at present...

Comment: UPDATE:

3-Day TF:

Comments

Thanks Master Yoda!
200 coins
+2 Reply
Hey David! ...don't you think it's going to retest at 57k before it goes up further to 76k
+5 Reply
@ehigieosaereye It appears your answer lies within his publication.
+2 Reply
@pwrsrc, thanks
Reply
Just a quick question David, I've always worked on the premise that the price action is likely to stay with the candle bodies for the most part between the Aqua/Orange upper during periods of upward pressure if:
The Red RSI & Blue LSMA are above 56. You mention 70 here, is this just because that is where they are currently on your chart or is 70 a more significant level in terms of BBs?
Thanks
aBL
+3 Reply
temichd aBitLong
@aBitLong, brother, can you throw in more of this assumptions of David's teachings please? I am clueless and want to learn and ur comment is gold to me, thank you!
Reply
aBitLong temichd
hi @temichd, I have got enough notes to write a book.. I've watched pretty much all of David's videos and livestreams for the past 6 months at least. So I'm happy to share, but it's difficult without you being a bit more specific as to what you want to know. David structured his educational posts and videos introducing concepts one at a time.
The first concept was the "downward pressure race"

My suggestion is that you look at some of David's or my publications and if you are unclear I will try and clarify to the best of my understanding.
I also don't want to risk stepping on David's toes as these indicators and method are his baby..
Reply
Plesae update DOT
+2 Reply
Thanks...Really appreciate you sir
+2 Reply
Hi David,
i would just like to greet you and say "stay awsome" my friend. I follow you all the time, but I have a lot of other work to do. I trade less. I'm just holding positions :)
I agree with your views and analyzes, but for this spring period I am a little more careful about how high we will go. Your lower limit is my favorite.

BR
+2 Reply
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