BTCUSD: Sideways at Best Downward at Worst for a While Yet

Hi Everyone! Yes, we currently have upward pressure races being triggered in the Short Term Group of time Frames. However, the Red RSI and Blue LSMA are both so low in the 12-hour time frame; I have a hard time seeing a strong move up with "support" behind it. What do I mean by "...support behind it?" In order for the price action in the 12-hour to go above the B-Band Basis and REMAIN above the B-Band Basis for a SUSTAINED period of time, the Red RSI and Blue LSMA "both" need to get above Level 50 in the 12-hour time frame. Which is why I said (in the video), if we run up to the White/Aqua UPPER B-Bands in the 12-hour with the Red RSI and Blue LSMA both as low as they are currently, this would be an indication of the price action being "Over-Extended." Which means we could expect a pullback rather quickly; resulting in a bull trap. Could this go up "organically" (slowly) over time to the White/Aqua UPPER B-Bands in the 12-hour? Yes, but it would require several 12-hour candles to do this.

The B-Band Basis in the 2-Day time frame is currently at $49,100 and currently acting as RESISTANCE for several more 2-Day candles.

BOTTOM LINE: We still have a LOT of work to do if we are to pull out of this with another Bull Run again. Especially, in regard to the Blue LSMA in the 3-Day time frame. If we were to see "downward at worst" come to pass, we are still looking at the Aqua Lower B-Band in the 3-Day time frame; currently sitting at $42,690.

BE MINDFUL of "Bull Traps" in LOWER TIME FRAMES while the Blue LSMA in the 3-Day time frame is still very low. I provided an example in the video of how we are able to tell if the price action is "over-extended;" resulting in a "trap."

Happy Trading and Stay Awesome!

David