BTC: Casual Conversation on Current Price Action
Hi Everyone! It appears $25,290 is still acting as fairly strong resistance over the next 14-Days. Meaning, we may still be "ranging sideways" between $21,360 and $25,290 for a while longer. Yes, we still have a chance to "over-extend" above $25,290 to around $28,240. If we were to over extend up into proximity of $28,240, I would anticipate a substantial pullback from there. However, at present, the "odds" are not very high to "over-extend" up to around $28,240.
Could the odds of over-extension up to proximity of $28,240 change some time between now and this time next week? Maybe... One would have to simply honor their strategy by opening positions when conditions are met and closing positions when conditions are met until we find out more from higher time frames when we get new candles approximately 9-Days from now. The main point to take away from this analysis is $25,290 is still acting as very strong resistance. Let's see what the indicators look like the next Weekly candle begins to find out more information for the near term.
Also, let's not forget the "level" of the Red Line in the current 2-Day (bottom right of center) and 3-Day (bottom right corner). We need to see the Red Line "bounce" off Magenta Level 30 and turn back up the "next" 2-Day and 3-Day candles in order to have a chance of holding support at $21,360; as mentioned in the video.
Could the odds of over-extension up to proximity of $28,240 change some time between now and this time next week? Maybe... One would have to simply honor their strategy by opening positions when conditions are met and closing positions when conditions are met until we find out more from higher time frames when we get new candles approximately 9-Days from now. The main point to take away from this analysis is $25,290 is still acting as very strong resistance. Let's see what the indicators look like the next Weekly candle begins to find out more information for the near term.
Also, let's not forget the "level" of the Red Line in the current 2-Day (bottom right of center) and 3-Day (bottom right corner). We need to see the Red Line "bounce" off Magenta Level 30 and turn back up the "next" 2-Day and 3-Day candles in order to have a chance of holding support at $21,360; as mentioned in the video.
Are we in Phase D of a "Descending Wedge Accumulation Schematic?"
Are we in Phase B of a potential 2-Tiered Accumulation Schematic?
Are we still in Distribution?
Bitcoin From the Beginning:
We need more time for price action to play out before we can make a more "concrete" conclusion as to whether we are still in distribution or if we have transitioned into accumulation. It currently looks like accumulation but I'm not prepared to "confirm" this until we see a pullback and see where a pullback goes down to.