Anticipate a Brief Pull-Back Before Potential Sustained Reversal
REMEMBER: Since the Red RSI in the 12h TF has CLOSED at or above 56%, we know we do not stand a chance of a decent drop until the White Energy in the 12h TF hits the 50% level. However, it does not mean we will have a decent drop when the White Energy in the 12h hits the 50% level. WHY? Because we will need to see where the Red RSI is located in the 24h at the time the White Energy in the 12h hits the 50% level. If the Red RSI in the 24h has CLOSED at or above 56% in the 24h at the time when the White Energy in the 12h hits the 50% level, we know we would likely see a SHALLOW DIP instead of a decent drop. WHY? Because the Red RSI will have closed at or above the 56% level. Which means we do not stand a chance of a decent drop until the White Energy in the 24h comes down and hits the 50% level.
FOR NOW: Our main focus is the White Energy in the 12h and the Red RSI in the 24h. Yes, we will also look at the White Energy in the 6h time frame as it approaches the 50% level to see if it's POSSIBLE for the White Energy in the 12h to begin turning down prematurely to hit the 50% level sooner than anticipated.
FOR NOW: Our main focus is the White Energy in the 12h and the Red RSI in the 24h. Yes, we will also look at the White Energy in the 6h time frame as it approaches the 50% level to see if it's POSSIBLE for the White Energy in the 12h to begin turning down prematurely to hit the 50% level sooner than anticipated.
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A look at the Magenta Trend Line in the Weekly:
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Simply posting a record of the BitFinex BTC Short and Long Contracts. BTCUSD (Top); Bitcoin Short Contracts (Middle) and Bitcoin Long Contracts (Bottom):
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Someone has asked where we could go if the Magenta Trend Line did not hold up. Here is my response:
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I added my "custom" 0.142 FIB Level to the Pitch-Fork and made it my usual Yellow color for the 0.142. Follow it up and down along the history of BTCUSD and you will see it too was also a level of importance.
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NOTE the White Energy in the 3h TF (Far Left) is nearing exhaustion and LIKELY to turn back up soon. The White Energy in the 3h TF actually provides "support" for what I contend about the lack of a decent drop occurring in the 6h TF (Center) when the White Energy in the 6h TF hits the 50% level. WHY lack of a decent drop in the 6h TF when the White Energy hits the 50% level? Because the White Energy in the 3h is nearing exhaustion AND the Red RSI in the 12h TF (Far Right) has CLOSED above 56%; which means we anticipate CONTINUED upward pressure in the 12h TF until the White Energy in the 12h hits the 50% level.
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I know my CONTENT indicated we do not expect a CHANCE for a decent move to the downside UNTIL the White Energy in the 12h hit the 50% level. However, I did not indicate this in the title. I imagine many are reading the title and thinking, "He's got it wrong again." LOL.
I need to be more careful with what I decide to put in the title.
Was it very hard to understand by my content that upward pressure continues UNTIL the White Energy in the 12h TF hits the 50% level?
I need to be more careful with what I decide to put in the title.
Was it very hard to understand by my content that upward pressure continues UNTIL the White Energy in the 12h TF hits the 50% level?
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The 12 hour time frame is Right of Center. You can see the Red RSI has "CLOSED" above the 56 percent level. Which means we will continue with upward pressure UNTIL the White Energy hits the 50% level. HOWEVER, if the Red RSI manages to close at or above the 56% level in the 24 hour time frame BEFORE the White Energy hits the 50 percent level in the 12 hour time frame; THEN we will go by the White Energy in the 24 hour time frame to determine WHEN we have a CHANCE for a decent drop (pull-back).
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We have one hour remaining until a NEW 9h and 18h candle begins. I'm posting what the indicators look like NOW in the 9h (Left of Center) and 18h (Far Right). THEN I will post them AGAIN once the NEW 9h and 18h Candles begin:
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This could be the beginning of our pullback now... We do not see CAUTION DOTS in the 12h and 18h time frames; which suggest we simply do not have significant upward pressure at this point in time to reinvigorate the upward pressure that got us to current price level. So, we are likely in the process of our pullback in my estimation.
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IMPORTANT: I'M WAITING SIX (6) HOURS BEFORE MAKING DECISION WHILE HAVING A STOP LOSS IN PLACE...
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Possible to have a pullback to the MEDIAN (Yellow Dotted Line) of the Bollinger Band; which is currently ranging between $5,525 and $5,725.
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It's IMPORTANT to keep in mind the higher time frames; such as the 12h and 18h time frames have both had the Red RSI "CLOSE" above 56 percent. Which means we do not have a CHANCE of a decent drop until the White Energy hits the 50% level.
It's ALSO IMPORTANT to note the Red RSI in the Daily has NOT "CLOSED" ABOVE the 56 percent level. Which means the price action will begin turning down in the Daily the very moment the White Energy turns down in the Daily. HENCE, the reason for it being much more important to monitor the time frames lower than the Daily to try to determine WHEN the reversal to downward pressure begins.
I will create a short video publication on this subject shortly.
It's ALSO IMPORTANT to note the Red RSI in the Daily has NOT "CLOSED" ABOVE the 56 percent level. Which means the price action will begin turning down in the Daily the very moment the White Energy turns down in the Daily. HENCE, the reason for it being much more important to monitor the time frames lower than the Daily to try to determine WHEN the reversal to downward pressure begins.
I will create a short video publication on this subject shortly.
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I'm surprised how little traction this "IDEA" has received over the past 17 hours it has been released. I guess I chose the wrong title... Not sure... If you don't have a "catchy" title, your publication usually fails to gain "traction." Normally, my ideas are on the first page within 6 to 10 hours. THIS "IDEA" has not even made it to the first page after 17 hours. I guess because it is a Friday and most of my followers have the weekend in mind.
Here's a map for those who may have weekend travel ideas during the Corona Virus: twitter.com/Paintbug.../1240728637160259584
Here's a map for those who may have weekend travel ideas during the Corona Virus: twitter.com/Paintbug.../1240728637160259584
