BTCUSD: Casual Discussion of Current Price Action Part 2

Hi Everyone! Wanted to provide a few more details to help you realize what the price action is up against if there is "hope" of this turning bullish anytime soon. The main focus was on the current Level of the Blue LSMA in the 4-Day time frame (Level -1.77). We are still at risk of falling to the Orange Lower B-Band ($29,760 currently) in the 4-Day time frame. Does that mean this candle? No... If we are to fall to the Orange Lower B-Band, this would require several 2 to 5 more 4-Day candles.

We still have a lot of downward pressure ongoing in the Short Term Group of time frames. However, this appears to still look "sideways" within tight B-Bands at least until the Red RSI in the 6-hour can potentially fall below Level 50. At which point, we may begin to see visible sign of expansion of the B-Bands and price action potentially going down with this expansion; due to the ongoing downward pressure we are seeing. We would likely need to see the Red RSI and Blue LSMA "both" below Level 50 or 60 in the 12-hour before we see visible expansion down in the 12-hour. Well, this may require 2 or 3 more 12-hour candles for the Red RSI and Blue LSMA to potentially continue falling to those levels.

Hope this publication was helpful...

Happy Trading and Stay Awesome!

David

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UPDATE:

3-Day Time Frame:

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8-hour time frame:

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I'll create another update for Bitcoin in a few minutes.

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BTCUSD: Potential of Proximity to $40K for Simple Rally Event

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