BTC: Still at Risk to Fall to or Below $14500 Explained
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Hi Everyone! This is the 24-Day time frame. We are at serious risk of one more leg to the down side due to the following:
Yellow K-Line BELOW Magenta D-Line = Bearish Sentiment.
Red Line making contact with Green Line WHILE Green Line is going down; indicating downward pressure with a little over 12-Days remaining in the current 24-Day candle.
Green Line over extended down below AQUA Level 10; indicating price action has increased odds to fall to or below Aqua Lower B-Band. The Aqua Lower B-Band is currently at $14,500.
Red Line is subject to fall below AQUA Level 10 the NEXT 24-Day candle; indicating the price action can fall DOWN FROM the AQUA Lower B-Band. So yes, there is a chance to even fall BELLOW the Aqua Lower B-Band.
Also bear in mind the Aqua Lower B-Band is currently DESCENDING. Meaning, the price of the Aqua Lower B-Band will be a LOWER PRICE than what we see during the CURRENT 24-Day candle.
Yellow K-Line BELOW Magenta D-Line = Bearish Sentiment.
Red Line making contact with Green Line WHILE Green Line is going down; indicating downward pressure with a little over 12-Days remaining in the current 24-Day candle.
Green Line over extended down below AQUA Level 10; indicating price action has increased odds to fall to or below Aqua Lower B-Band. The Aqua Lower B-Band is currently at $14,500.
Red Line is subject to fall below AQUA Level 10 the NEXT 24-Day candle; indicating the price action can fall DOWN FROM the AQUA Lower B-Band. So yes, there is a chance to even fall BELLOW the Aqua Lower B-Band.
Also bear in mind the Aqua Lower B-Band is currently DESCENDING. Meaning, the price of the Aqua Lower B-Band will be a LOWER PRICE than what we see during the CURRENT 24-Day candle.
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UPDATE:If you are NEW to TradingView, I want you to know the cover chart of this publication is an INTERACTIVE CHART. Meaning, you can move your cursor down to the bottom of that chart and click the "positive" (+) symbol to zoom in. You can also move your cursor onto the chart and DRAG the chart left or right to easily read the text bubbles that may be hidden from view.
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UPDATE:Present Day Distribution Chart:
Pulled Back View of 2018 Distribution; 2019 to 2021 Accumulation and 2021 to 2022 Distribution Period:
2014 Distribution Schematic: The reason for sharing the 2014 Distribution Schematic is to point out we have seen our Sign of Weakness in Phase D during present day distribution BUT we have yet to see a Sign of Weakness in Phase E of Distribution. Does this mean we MUST see a Phase E with another Sign of Weakness? No, it's POSSIBLE for us to REJECT full fledged Distribution by not seeing a Phase E Sign of Weakness. If we were to REJECT Phase E Sign of Weakness, it would mean this entire period was a Back-Up/Last Point of Support Event in Long Term Accumulation. However, I'm still leaning more toward us still being in Distribution and another Sign of Weakness has increased odds of occurring. Why? I just pointed this out with the 24-Day time frame.
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UPDATE:I corrected the 3rd paragraph inside the Red Text Bubble to read as follows:
"Well, the NEXT 24-Day candle, the Red Line is subject to be BELOW the
AQUA Level 10; which indicates PRICE MEAN is subject to be BELOW
the Aqua Lower B-Band the NEXT 24-Day candle.
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UPDATE:The 2-Week, 3-Week, 4-Week & 5-Week time frames still suggest SIDEWAYS AT BEST in my opinion.
NOTE the level of the Red Line in the 2-Week time frame being below White Level 30; indicating a "price mean" BELOW the White Lower B-Band ($19,942). This basically means $19,942 is our CEILING OF RESISTANCE during the CURRENT 2-Week candle with 6-Days remaining in this current 2-Week candle.
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UPDATE:Let's do a LIVE Stream NOW....
tradingview.com/streams/69FAjqL6xC/
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UPDATE:Bitcoin Historical Diagonal Trend Line BLX Chart:
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