BTC: Casual Conversation on Current Downward Pressure
Hi Everyone! Our Red Line in the 24-hour is still quite high. Meaning, I see the Yellow B-Band Basis having very high odds of holding support for the next 2.5 days. The Yellow B-Band Basis in the 24-hour is currently at $23,220. Which see...
What's important to understand at present is we are currently in downward pressure for potentially the next 1.5 to 2.5 days and we currently have support in proximity to $23,220. We must wait another 2.5 days to get a few new candles to determine if we have increased odds of falling down further than $23,220 to $22,670.
In a previous publication posted several days ago; I mentioned we were ranging sideways between $21,xxx and $25,xxx. Now we are ranging between $22,xxx and $25,290; based on what we see "currently" in the indicators. This is subject to change when we get a new 3-Day, 4-Day, 5-Day, 6-Day and Weekly candle.
I hope this was helpful.
Happy Trading and Stay Awesome!
David
What's important to understand at present is we are currently in downward pressure for potentially the next 1.5 to 2.5 days and we currently have support in proximity to $23,220. We must wait another 2.5 days to get a few new candles to determine if we have increased odds of falling down further than $23,220 to $22,670.
In a previous publication posted several days ago; I mentioned we were ranging sideways between $21,xxx and $25,xxx. Now we are ranging between $22,xxx and $25,290; based on what we see "currently" in the indicators. This is subject to change when we get a new 3-Day, 4-Day, 5-Day, 6-Day and Weekly candle.
I hope this was helpful.
Happy Trading and Stay Awesome!
David
Comment:
UPDATE:
Here is the 8-hour time frame:
Red Line currently not within striking distance of Yellow Level 50 to justify increasing odds
for price to rise up from the Yellow B-Band Basis during the "current" 8-hour candle. The
Yellow B-Band Basis is currently at $24,400. Meaning, $24,400 is acting as resistance during
the "current" 8-hour candle.
Is this to say we cannot rise up above the Yellow B-Band Basis? No, it is "possible" to "over-
extend" above the Yellow B-Band Basis. However, the "odds" of that occurring are "less" than
the odds of the Yellow B-Band Basis acting as resistance during the "current" 8-hour candle.
Here is the 8-hour time frame:
Red Line currently not within striking distance of Yellow Level 50 to justify increasing odds
for price to rise up from the Yellow B-Band Basis during the "current" 8-hour candle. The
Yellow B-Band Basis is currently at $24,400. Meaning, $24,400 is acting as resistance during
the "current" 8-hour candle.
Is this to say we cannot rise up above the Yellow B-Band Basis? No, it is "possible" to "over-
extend" above the Yellow B-Band Basis. However, the "odds" of that occurring are "less" than
the odds of the Yellow B-Band Basis acting as resistance during the "current" 8-hour candle.
Yes, I know I need to provide the recent update to the Bad Ass B-Bands. Which I now call, "Phoenix B-Bands." That update will include the Magenta B-Bands.