BTCUSD: White UPPER B-Band in 3-Day TF May Be Our Support
Hi Everyone! Hope all is well with everyone today. Simply providing my "opinion" on what may be our "support" during this current period of downward pressure in our 2-Day and 3-Day time frames. I'm seeing the White UPPER B-Band in the 3-Day probably acting as our support. We could hang out sideways within a relatively tight trading range before going up once again. We still have more room for upward pressure to continue in the Weekly and 9-Day time frames.
Happy Trading and Stay Awesome!
David
Happy Trading and Stay Awesome!
David
Comment:
UPDATE:
One final chart before I get some sleep...
One final chart before I get some sleep...
Comment:
UPDATE:
Here's a look at the Weekly... Some may think we are ready to drop down further; to like the 0.618 FIB Retrace level. I personally do not believe we are ready for a 0.618 FIB Retracement as of yet. We would have to wait at least two (2) more Weekly Candles in my opinion. If we have already seen a local top, our White UPPER Bollinger Band should continue to act as support until we see our exhaustion of upward pressure is drawing near in the 9-Day, Weekly and 3-Day Time Frames. Our upward pressure has not progressed far along enough in the higher time frames to consider looking back at the 3-Day and 2-Day time frames to plan an exit plan. I believe what we are seeing CURRENTLY in the 3-Day time frame is merely a single wave in the middle of another period of upward pressure we're observing in higher time frames.
Here's a look at the Weekly... Some may think we are ready to drop down further; to like the 0.618 FIB Retrace level. I personally do not believe we are ready for a 0.618 FIB Retracement as of yet. We would have to wait at least two (2) more Weekly Candles in my opinion. If we have already seen a local top, our White UPPER Bollinger Band should continue to act as support until we see our exhaustion of upward pressure is drawing near in the 9-Day, Weekly and 3-Day Time Frames. Our upward pressure has not progressed far along enough in the higher time frames to consider looking back at the 3-Day and 2-Day time frames to plan an exit plan. I believe what we are seeing CURRENTLY in the 3-Day time frame is merely a single wave in the middle of another period of upward pressure we're observing in higher time frames.
Comment:
UPDATE:
By the way, if we end up going higher, the 0.618 FIB Re-tracement will be at a higher price point.
By the way, if we end up going higher, the 0.618 FIB Re-tracement will be at a higher price point.
I'm going to have to get me some sleep. I've been up all night... I'll catch up with comments after I wake up.
Happy Trading and Stay Awesome!
David