Bitcoin 4 Hour Chart:
I'm forced to adjust Fibonacci calculations due to this recent drop. I'll follow up with another chart soon to point out price target range on the move back up WHEN we have established a bottom by mid day of March 9th to mid day of March 10th.
I resolved not to trade while working on my Corporate Taxes until they are completed. I was actually sleeping when that dump began and did not worry about setting a "crossing up" AND "crossing down" alarm for the Red RSI in the 24 hour as well as a "crossing down" alarm for the white energy in the 12 hour. If I were trading, I would ALWAYS have alarms set to wake me up while sleeping AND to alert me if I'm awake as well.
I should have created ANOTHER publication before getting some sleep to EMPHASIZE how IMPORTANT the White Energy in the 12 hour and the Red RSI in the 24 Hour time frames actually were. They were VERY IMPORTANT... Yes, I "hoped" we would see the Red RSI in the 24 Hour pull through and come up to 56 percent or higher. However, HOPE is not to be relied upon when trading. Only actual facts revealed within the indicators are to be "relied upon."
So again, my sincere apologies for the dramatic title in a publication that was posted PRE-MATURELY. I will see to it that does NOT occur again.
Same concept here with the pump from August, 2016 to March 2017:
The following STUDY "assumes" $7,694.30 is the bottom:
"IMPORTANT LESSON LEARNED: WHEN we are at a critical point that determines if we are to continue upward; such as the White Energy in the 3-Day crossing above -AND- CLOSING above the 50% level... the Red RSI in the Daily crossing -AND- CLOSING above the 56% level, WE MUST BE PREPARED TO TRADE IN ACCORDANCE WITH THE SIGNALS PROVIDED IN THE 6H, 12H AND 24H TIME FRAMES. This also means you MUST be willing to invest the TIME to wait and watch for when the bottom is likely in to be prepared to capitalize on the lowest possible re-entry. If one does not have the TIME to do this, they should simply resort to HODLING."
ADDED NOTE: We were anticipating a CHANCE for a "shakeout" before continuing up and the signals letting us know a "shakeout" was POTENTIALLY about to take place was the White Energy failing to cross above -AND- CLOSE above the 50% level in the 3-Day Time Frame culminated with the White Energy crossing down below the 50% level in the 12 hour time frame and the Red RSI failing to CLOSE at or above the 56% level in the 24 hour time frame.
BOTTOM LINE: This FORCES one to be willing to invest their TIME watching multiple time frames to help them AVOID missing out on a chance to trade accordingly if one is concerned about the price potentially falling dramatically. If this does not concern you, then you are obviously a HODLER/INVESTOR who is simply in the space with a long term investment because you believe/trust in Bitcoin and what it has to offer.
HELPFUL TIP: Practice setting up ALARMS for your indicators in MULTIPLE time frames. For example: One could have set a "crossing down" alarm for the White Energy in the 12h TF at 77 percent to PREPARE you for when the White Energy makes contact with the 50% level. A "Crossing Up" alarm for the Red RSI set at 56% in the 24h TF could have also been set. Once the White Energy in the 12h TF makes contact with the 50% level, one should look at the Red RSI in the 24h TF. IF the Red RSI in the 24h TF is NOT at or above 56 percent, then a chance for a decent drop is HIGHLY likely.
"It is somehow doubtful that 7 694 is the bottom. Especially with such an incredibly attractive CME gap. It seems to me that if the price was going to go up after closing the CME gap at 7675, then it would make it one quick candle.
Why, in such a scenario, give so much time to the crowd to enter Long? So many hours the price walks 7800-900
Absolutely not surprised to see a picture where the price will soon go to 7400 at least. To knock out the stop of those who are now entering Long. Since most who are now entering, the stop is approximately there. And these stops need to be knocked out, why make such a gift at the close of CME?
This is not a significant drop for those who come in with a large deposit and a small leverage, but still.
This is by no means a trading advice."
If you don't know how to set an alarm for your indicator, scroll up to find the video I posted to show how to do just that.
If the Red RSI in the Daily (24h) "CLOSES" at or "BELOW" 44%, we will then move from the White Energy in the 12h to the White Energy in the Daily (24h) TF crossing above 50% before getting in. I'm simply trying to avoid getting in too early and potentially getting burned.
I still have a LOT of journal entries to make before my Profit/Loss Sheet and Balance Sheet are ready to give to my accountant. However, I will try to make the time to provide a VIDEO update in a few hours to explain a few more details about entry when reversing from downward pressure to upward pressure. Most everyone has only heard me mention rules in regard to reversal from upward pressure to downward pressure. So, what we will cover in the next video in a few hours will be interesting and worth your time to checkout.
HERE IS MY YOUTUBE CHANNEL: https://www.youtube.com/channel/UC8IbhpQwrTD6BozJPWnyAHA
UPDATE ON MY DAD: https://www.youtube.com/watch?v=6UUm4ObJT8E