I have marked this update as Neutral as I cannot see any clear continuation or reversal signals and feel the charts need more time to develop.
But we need to be very cautious with the White Energy being higher than Green in these timeframes.
I am looking for continuation signals in mid term.
As previously stated I am still learning these indicators and presenting my best view on the basis of my limited knowledge.
In the 9 Day we can see that on 15th May, the Red RSI had not quite closed above 56 but was a bit more advanced than current day. We have 4 days and 8 hours left in this 9 day candle and although the Red RSI has crossed 50 it has not closed. We really need to see the Red RSI close above 56 (although 50 would be a good indication) to confirm continuation of upward pressure. The Blue LSMA has not yet crossed above 50, and we can see there is just a suggestion that the BB may start expanding. As current candle was already above BB basis, if this upward pressure manages to continue, if we compare price action with 02 June we could easily wick above the red upper BB. However, in this timeframe, the White Energy is higher than the Green MA. This indicates bearish sentiment...
...But when we compare current day with 24th May we can see that the Energy was higher than the Green and the price action closed higher in that candle. Current day we can also see there is a good possibility for the Green to go out to the side - for this to happen the price action needs to go sideways. Judging by what I can see in the 9D-2W timeframes in BTCUSD this scenario is possible.
It is key that the red RSI must close above 50 but ideally 56. If this happens and the Green MA moves out to the side & White Energy continues to turn down as on 02 June we should see upward pressure continue until the White Energy drops to around 80, at this point we would need to look at lower timeframes to time closing of positions if we are long.
The 12d tells a similar story, we need to be careful and must not ignore the White Energy being higher than the Green in these timeframes.
A new 2W candle started 17 hours ago and the Red RSI had not closed above 50. I would say we need to allow time for this to develop and should concentrate on the lower timeframes for now.
In my opinion it is key that the Green goes out to the side in the 6D we then have a chance for this position cascading into higher timeframes. Failing this we need to look at lower timeframes to assess continuation or reversal signals.
But we need to be very cautious with the White Energy being higher than Green in these timeframes.
I am looking for continuation signals in mid term.
As previously stated I am still learning these indicators and presenting my best view on the basis of my limited knowledge.
In the 9 Day we can see that on 15th May, the Red RSI had not quite closed above 56 but was a bit more advanced than current day. We have 4 days and 8 hours left in this 9 day candle and although the Red RSI has crossed 50 it has not closed. We really need to see the Red RSI close above 56 (although 50 would be a good indication) to confirm continuation of upward pressure. The Blue LSMA has not yet crossed above 50, and we can see there is just a suggestion that the BB may start expanding. As current candle was already above BB basis, if this upward pressure manages to continue, if we compare price action with 02 June we could easily wick above the red upper BB. However, in this timeframe, the White Energy is higher than the Green MA. This indicates bearish sentiment...
...But when we compare current day with 24th May we can see that the Energy was higher than the Green and the price action closed higher in that candle. Current day we can also see there is a good possibility for the Green to go out to the side - for this to happen the price action needs to go sideways. Judging by what I can see in the 9D-2W timeframes in BTCUSD this scenario is possible.
It is key that the red RSI must close above 50 but ideally 56. If this happens and the Green MA moves out to the side & White Energy continues to turn down as on 02 June we should see upward pressure continue until the White Energy drops to around 80, at this point we would need to look at lower timeframes to time closing of positions if we are long.
The 12d tells a similar story, we need to be careful and must not ignore the White Energy being higher than the Green in these timeframes.
A new 2W candle started 17 hours ago and the Red RSI had not closed above 50. I would say we need to allow time for this to develop and should concentrate on the lower timeframes for now.
In my opinion it is key that the Green goes out to the side in the 6D we then have a chance for this position cascading into higher timeframes. Failing this we need to look at lower timeframes to assess continuation or reversal signals.
