BTC: Major Support at 31450 With Continued Upward Pressure

Hi Everyone! Some on YouTube have expressed concern we may see s significant pullback similar to what we saw with the COVID Dump in 2020. The purpose of this video is to point out the following: If we are to see a pullback similar to the COVID Dump of 2020, we are not ready for such a dump. We are still at least a couple of weeks out away from anything like that. The next purpose of this video is to point out we still have upward pressure triggered in the Weekly; which lasts for how long? Until the White Energy returns back to level 50. Currently, the White Energy in the Weekly is still rising along with the Red Line with no sign of coming down yet. Of course, we need to see what the Next Weekly Candle looks like.

I'm still of the opinion we are likely to continue rising at least to my 2.382 FIB Extension at $38,663 with a high probability of going up to the 2.618 FIB Extension at $40,960. We also have potential to continue going higher to the 3.618 FIB Extension but I'm not prepared to say we will do that just yet. We need more time to pass to see new candles in higher time frames before we consider discussing that possibility. First things first... Let's wait for the price action to go up to at least $38,663 and $40,960 before considering a discussion of a potential $50,000 price target at the 3.618 FIB Extension.

BE ADVISED: It can be rather dangerous to short at this particular time. I know many have opened a short; in hope of price action pulling back to $31,000. Yes, there is a "chance" for this but it's certainly NOT guaranteed. If I were looking to open a swing trade, I would prefer to open a long position rather than a short position. This is mainly due to the upward pressure still ongoing in the Weekly time frame.

I hope this video was helpful.

Happy Trading and Stay Awesome!

David

Comment:

UPDATE:

RED TEXT BUBBLE:
Red Line is above Yellow Level 50; triggering upward pressure which lasts for how long?
Until the White Energy returns back to Yellow Level 50. Does it look like our upward
pressure is nearing its end? My opinion? No... I'm still of the opinion price will continue
rising up to at least my 2.382 FIB at $38,663 to 2.618 FIB Extension at $40,960 in my
Descending Wedge MACRO Accumulation chart.

However, I do not want to draw conclusions just yet with 1.5 days remaining in the
current Weekly candle. Let's see what the next Weekly candle looks like before drawing
conclusions. What I intend to convey is the odds are still high to continue going higher.
Depending on what the indicators look like in the NEXT Weekly candle; we may conclude
the odds are even higher to continue rising up to my 2.382 to 2.618 FIB Extension.

Weekly time frame:

Comment:

UPDATE:

Here is the 3-Day time frame; which includes enough candles to show our "COVID Dump" in the 3-Day. NOTE where I have placed a Magenta Vertical Time Line in the 3-Day; implying where I would say we are currently "if" we were to see a similar dump to the COVID Dump. The Red Line is no where near White Level 70 to imply increased odds of falling down dramatically from the White Upper B-Band. I'm still of the opinion we are currently experiencing a brief pause in our upward pressure before resuming upward pressure and continuing to higher highs.

3-Day time frame:

Comment:

UPDATE:

RED TEXT BUBBLE:
Compare current levels of our Red and Blue Lines to the COVID Dump
of 2020. We are about to see a NEW 2-Week candle begin in 1.5 days
from this writing. The Red and Blue Lines will "both" be above Yellow
Level 50 the NEXT 2-Week candle; increasing odds for the B-Bands to
expand and price action going UP with this potential expansion.

I'm simply pointing out increased PROBABILITY for price action to go
up substantially but there is no guarantee for price action to go up
substantially. So, please keep this in mind. Trading is all about
PROBABILITIES.

2-Week time frame:

Comment:

UPDATE:

In my opinion, the entire Super Macro Group of time frames (2-Week, 3-Week, 4-Week, 5-Week, 6-Week, 7-Week, 10-Week and 12-Week) show an increased probability of us currently in a long term bull trend. Once we see "both" the Red and Blue Lines ABOVE Yellow Level 50 in every single one of the time frames in this chart, we can say we are in a PARABOLIC Bull trend.

Comment:

UPDATE:

Added a new text bubble...

BLUE TEXT BUBBLE:
The only reason I have this $31,624 price point on the
chart is to point out what I mentioned in the recent
video publication in regard to a potential pullback to
$31,xxx. I'm simply showing that would be around the
Green Diagonal Trend Line. There is no guarantee we
see this pullback. I'm only pointing out where it would
come down to if we were to see a pullback.

Based on what the indicators look like currently in the
Weekly time frame, a move down to $31,xxx would be
a likely shakeout before resuming upward pressure in
the Weekly to higher highs.

Comment:

UPDATE:

BTC may see a pullback to white upper B-Band in the 3-Day in proximity to $32,840.

Comment:

UPDATE:

I placed an Aqua Blue $37749 Price Point on the Aqua Ascending Diagonal Trend Line as our next "diagonal" RESISTANCE.