$BTC weekly pressure chart. No signs of selling yet

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
The $BTC daily swings have been wild! In order to navigate this mess we just have to look at a higher time frame. According to the pressure chart, a proud indicator of my own, this week still indicates more buying pressure than selling pressure. As per pressure rule: you initiate half a position upon the event of a bull candle (white color) closing above the high of the last bear candle (black color), add the other half on the high break of that bull candle. Using this entry rule on the weekly $BTC chart you can see the adding points there.

You hold the position until seeing a bear candle closing below the low of the last bull candle -> exit half. Then upon the low break of that bear candle you exit fully. If that doesn't happen just wait until the next low of bull candle broke by a close of bear candle, also indicated on the chart.

Of course you can see there is a third color on the chart, the blue candles! They indicate that on such period (weekly in this case), buying and selling pressure are pretty much the same, or specifically, they ratio between them don't exceed the golden ratio! Blue candle week tends to have the close somewhere in the middle between the true high and true low of the week. Those are the essence of the pressure chart, true high, true low and close.

The holder of the underlying can hold their position through blue period, or indecision period. Conservative traders can also exit their long position if on a series of bull candles, an indecision candle appears, followed by a bear candle that breaks below the low of it, since as usual, indecision candle do notify and swift in pressure strength, kind of like the doji!

Going back to $BTC, if you trade the weekly chart, there is no rush in exiting your position yet. If the week ends with the candle coloring white, we are still in a bull move, although the candle size is starting to shrink, and the trigger for selling has been raised, $46315.48 to be exact.

If the week ends up being an indecision week the plan is the same, wait for next week close. Those who are very strict with their profit can immediately exit their longs when the low of the following week breaks down $46315.48