BTCUSD: Upward Pressure Continues at Least to Next Weekly Candle
I'm still maintaining our LOCAL target range to be $15,409 to $16,757 before exhaustion of upward pressure (LOCALLY) in the Weekly Time Frame. Depending on how the 9-Day and 12-Day time frames look; we may continue higher after a pullback of our potential Weekly Exhaustion.
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Does it look like there is a CHANCE for the price action to fall down to the White UPPER Bollinger Band? Yes, there is room for the Green Line to fall further IF THE PRICE ACTION FALLS FURTHER during this period of downward pressure. HOWEVER, I have see the price action go sideways during a period of downward pressure to act more as a TIME CORRECTION rather than a PRICE CORRECTION.
Does it look like there is a CHANCE for the price action to fall down to the White UPPER Bollinger Band? Yes, there is room for the Green Line to fall further IF THE PRICE ACTION FALLS FURTHER during this period of downward pressure. HOWEVER, I have see the price action go sideways during a period of downward pressure to act more as a TIME CORRECTION rather than a PRICE CORRECTION.
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BOTTOM LINE: I simply cannot guarantee we will see a price correction to the 0.382 FIB at $12,586. It's still POSSIBLE we see the price action go sideways AS A TIME CORRECTION rather than a PRICE CORRECTION.
BOTTOM LINE: I simply cannot guarantee we will see a price correction to the 0.382 FIB at $12,586. It's still POSSIBLE we see the price action go sideways AS A TIME CORRECTION rather than a PRICE CORRECTION.
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UPDATE:
We simply have too much room remaining for continued upward pressure in the Weekly and 9-Day time frames for there to be a correction to the 0.618 FIB Retrace at the moment. We will likely still need at least another two weeks minimum before the 0.618 FIB Retrace is on the table. In the meantime, can we see a PRICE CORRECTION to the 0.382 FIB Retrace at $12,586? It's possible but NOT guaranteed. WHY? Because we may only go sideways during this period of downward pressure; resulting in a TIME correction rather than a PRICE correction.
We simply have too much room remaining for continued upward pressure in the Weekly and 9-Day time frames for there to be a correction to the 0.618 FIB Retrace at the moment. We will likely still need at least another two weeks minimum before the 0.618 FIB Retrace is on the table. In the meantime, can we see a PRICE CORRECTION to the 0.382 FIB Retrace at $12,586? It's possible but NOT guaranteed. WHY? Because we may only go sideways during this period of downward pressure; resulting in a TIME correction rather than a PRICE correction.
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UPDATE:
Previous chart posted above was the 3-Day. Have a look at the indicators in the Weekly and you will understand WHY I cannot "guarantee" we see a PRICE correction. It's actually possible for a TIME correction rather than a PRICE correction. It's simply too hard to say which will occur at this point.
Previous chart posted above was the 3-Day. Have a look at the indicators in the Weekly and you will understand WHY I cannot "guarantee" we see a PRICE correction. It's actually possible for a TIME correction rather than a PRICE correction. It's simply too hard to say which will occur at this point.
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UPDATE:
Have a look at this 2-Week time frame to UNDERSTAND "WHY" I'm saying we could very well see upward pressure CONTINUE for at least one more; if not two more weeks AFTER the CURRENT Weekly Candle. Explained in the following 2-Week Time Frame CHART:
Have a look at this 2-Week time frame to UNDERSTAND "WHY" I'm saying we could very well see upward pressure CONTINUE for at least one more; if not two more weeks AFTER the CURRENT Weekly Candle. Explained in the following 2-Week Time Frame CHART:
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Weekly Time Frame:
Weekly Time Frame:
