Hi Everyone! I know I've been away a while. Part of the time working on a swing script. The other part dealing with a broken foot. I've just now got to where I can limp around the house without crutches. Anyway, I want to post the 2-Day time frame here to point out the Red Line may fall "down from" Magenta Level 60 the next 2-Day candle; implying the price action may potentially fall down from the Magenta Upper B-Band. To where? Potentially the Yellow B-Band Basis that's currently at $25,320.
If we do not see the Red and Blue Lines in the entire short term group turn back up to get above Yellow Level 50 soon, we are subject to see a pullback to within proximity of the Yellow B-Band Basis in the 2-Day time frame.
As for our "ceiling of resistance..." I'm seeing $31,546 as our ceiling of resistance for the next 19-Days and 20-hours. Here is the 8-Week time frame to provide an explanation for this:
GREEN TEXT BUBBLE:
Yellow B-Band Basis acting as ceiling of resistance
until the Red Line went above White Level 30 the
next 8-Week candle.
YELLOW TEXT BUBBLE:
Yellow B-Band Basis is currently at $31,546 and acting as our "ceiling of resistance"
the remainder of this current 8-Week candle. If we are to see over extension up,
I do not anticipate this occurring until the NEXT 8-Week candle. I want to make it
clear there is no guarantee we will see over extension up the next 8-Week candle.
BLUE TEXT BUBBLE:
Since the Blue Line is above Yellow Level 50, we must respect the fact
the price action can "over-extend up" the NEXT 8-Week candle in similar
fashion to what we did the 8-Week candle that began 29 April 2019. The
Next 8-Week candle begins in 19-Days and 20-hours from now.
RED TEXT BUBBLE:
Yes, it's possible to see over-extension up the next 8-Week candle when
the Red Line goes above White Level 30; in similar fashion to what we
saw during the 8-Week candle that began 29 April 2019. We still have
19-Days and 20-hours remaining until the next 8-Week candle begins.
If we do not see the Red and Blue Lines in the entire short term group turn back up to get above Yellow Level 50 soon, we are subject to see a pullback to within proximity of the Yellow B-Band Basis in the 2-Day time frame.
As for our "ceiling of resistance..." I'm seeing $31,546 as our ceiling of resistance for the next 19-Days and 20-hours. Here is the 8-Week time frame to provide an explanation for this:
GREEN TEXT BUBBLE:
Yellow B-Band Basis acting as ceiling of resistance
until the Red Line went above White Level 30 the
next 8-Week candle.
YELLOW TEXT BUBBLE:
Yellow B-Band Basis is currently at $31,546 and acting as our "ceiling of resistance"
the remainder of this current 8-Week candle. If we are to see over extension up,
I do not anticipate this occurring until the NEXT 8-Week candle. I want to make it
clear there is no guarantee we will see over extension up the next 8-Week candle.
BLUE TEXT BUBBLE:
Since the Blue Line is above Yellow Level 50, we must respect the fact
the price action can "over-extend up" the NEXT 8-Week candle in similar
fashion to what we did the 8-Week candle that began 29 April 2019. The
Next 8-Week candle begins in 19-Days and 20-hours from now.
RED TEXT BUBBLE:
Yes, it's possible to see over-extension up the next 8-Week candle when
the Red Line goes above White Level 30; in similar fashion to what we
saw during the 8-Week candle that began 29 April 2019. We still have
19-Days and 20-hours remaining until the next 8-Week candle begins.
BTC: IMPORTANT Cause Market Conditions Have Changed