BTCUSD: $32K on The Table Again at 20MA in 24 Hour Time Frame
Hi Everyone! Looks like we can move up toward the 20 Moving Average (Yellow Dotted B-Band Basis) in the NEXT 24-hour candle. Also explained a few other things regarding Wyckoff Method 2.0.
Yes, there is potential to go higher to around $33,000. However, I'm seeing the 200 Moving Average in the 2-Day time frame as RESISTANCE for quite a while yet to come.
CORRECTION: At one point I called a "Last Point of Support" event a "Last Point of Supply" event before going up with an Exponential Rally in Phase B. It should have been called, "Last Point of Support."
Happy Trading and Stay Awesome!
Yes, there is potential to go higher to around $33,000. However, I'm seeing the 200 Moving Average in the 2-Day time frame as RESISTANCE for quite a while yet to come.
CORRECTION: At one point I called a "Last Point of Support" event a "Last Point of Supply" event before going up with an Exponential Rally in Phase B. It should have been called, "Last Point of Support."
Happy Trading and Stay Awesome!
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UPDATE:
Correction to price of yellow dotted b-band basis in the 90-minute time frame written inside the blue text bubble:
The Blue Line is 92.79 at this writing for the 90-minute time frame. Why is this important?
In order for the price action to go below the yellow b-band basis to the white/aqua lower
b-bands, we GENERALLY need "both" the Red Line -AND- Blue Line below White Level 70.
Yes, the Red "might" go below White Level 70; increasing odds for price action to fall to the
Yellow Dotted B-Band Basis (20-MA). However, the Blue Line may not make it below the
White Level 70 to increase odds for price action to continue falling further to the white/aqua
lower b-bands. Therefore, we would assume the Yellow B-Band Basis has fairly strong
SUPPORT at present. The Yellow Dotted B-Band Basis is currently at $29,639.
Correction to price of yellow dotted b-band basis in the 90-minute time frame written inside the blue text bubble:
The Blue Line is 92.79 at this writing for the 90-minute time frame. Why is this important?
In order for the price action to go below the yellow b-band basis to the white/aqua lower
b-bands, we GENERALLY need "both" the Red Line -AND- Blue Line below White Level 70.
Yes, the Red "might" go below White Level 70; increasing odds for price action to fall to the
Yellow Dotted B-Band Basis (20-MA). However, the Blue Line may not make it below the
White Level 70 to increase odds for price action to continue falling further to the white/aqua
lower b-bands. Therefore, we would assume the Yellow B-Band Basis has fairly strong
SUPPORT at present. The Yellow Dotted B-Band Basis is currently at $29,639.
For the "Short Term," we would assume the Yellow Dotted B-Band Basis in the 90-minute time frame is acting as SUPPORT. Explanation why in the Blue Text Bubble:
Text for Blue Text Bubble for those who need to copy and paste in a translator:
Blue Text Bubble:
The Blue Line is 92.79 at this writing for the 90-minute time frame. Why is this important?
In order for the price action to go below the yellow b-band basis to the white/aqua lower
b-bands, we GENERALLY need "both" the Red Line -AND- Blue Line below White Level 70.
Yes, the Red "might" go below White Level 70; increasing odds for price action to fall to the
Yellow Dotted B-Band Basis (20-MA). However, the Blue Line may not make it below the
White Level 70 to increase odds for price action to continue falling further to the white/aqua
lower b-bands. Therefore, we would assume the Yellow B-Band Basis has fairly strong
SUPPORT at present. The Yellow Dotted B-Band Basis is currently at $30,170.