BTCUSD: 23310 to 24775 is Current Support Range

18 Ogo 2023

Hi Everyone! I pointed out in this video how we finally ended up seeing Expansion Down once the Red Line, Blue Line, Green Line and White Energy finally "all" fell below Yellow LEvel 50 in the Weekly time frame. It was the Weekly that was holding us up from seeing a significant move to the down side to my price range mentioned in the previous video publication.

I'm using the 16-Day and 3-Week time frames to provide the "Current Support Range." The 16-Day is top left of center and the 3-Week is bottom right corner in the chart below. NOTE: The Red Line in the 16-Day and 3-Week is "NOT" falling "down from" Yellow Level 50 in the 16-Day and 3-Week time frames. Which means the price action is not necessarily ready to fall "down from" the Yellow B-Band Basis in the 16-Day and 3-Week time frames - AND - continue falling "down from" the Yellow B-Band Basis for a "sustained" period of time. Does this mean the price action will not fall below the Yellow B-Band Basis in the 16-Day and 3-Week time frames? No... However, the odds are quite high the price action in the "current" 16-Day candle and "current" 3-Week candle will note "CLOSE" below the Yellow B-Band Basis. The current price of the Yellow B-Band Basis in the 16-Day is $24,775. The current price of the Yellow B-Band Basis in the 3-Week is $23,310.


The Weekly time frame (provided below in top right corner) shows we did not see the Red Line, Blue Line, Green Line and White Energy "all" fall below Yellow Level 50 "at the same time" resulting in Stage-1 Expansion Down:
Near Term Group of time frames (12h, 24h, 2-Day, 3-Day, 4-Day, 5-Day, 6-Day and 1-Week):


I hope this publication was helpful. Smash the boost (rocket symbol) in the bottom right just below the chart of the publication.

Thank you for your valuable time and support!

Happy Trading and Stay Awesome!

David

18 Ogo 2023

Nota

UPDATE:

Potential Descending Wedge Accumulation Schematic:


Potential 2-Tier Accumulation Schematic:


Wyckoff Method 2.0 Covering periods of 2018 Distribution; 2019 to 2021 Accumulation; 2022 and 2023 Distribution and current 2023 to 2025 Accumulation:

18 Ogo 2023

Nota

UPDATE:


Let's see if this Red Diagonal Channel can
hold support between $22,230 & $24,450.

18 Ogo 2023

Nota

UPDATE:

My Diagonal Trend Lines in "Pulled Back View" of the 8-hour time frame:


Zoomed in a bit more on the 8-hour:


Zoomed in even more locally on the 8-hour:


Zoomed in even more:


Final zoomed in chart of the Diagonal Trend Lines in the 8-hour time frame:


Now, maybe you can see why I monitor not only HORIZONTAL support and resistance levels but also DIAGONAL support and resistance levels.

18 Ogo 2023

Nota

UPDATE:

I zoomed in one more time on the 8-hour and adjusted the Green Price Point more locally to point out "if we continue falling further," we have DIAGONAL support right at $24,000.

19 Ogo 2023

Nota

UPDATE:

We have a new 2-Day candle. The Blue Line has been below White Level 30. Now, the Red Line has fallen below White Level 30; which increases odds for Stage-2 Expansion Down. Meaning, we have increased odds to continue expansion down towards proximity to $24,000. Also, the Red and Blue Lines in the 3-Day are below White Level 30 as well with 17-hours remaining for the next 3-Day candle to begin. 2-Day is Bottom Right of Center and 3-Day is Bottom Right Corner.

19 Ogo 2023

Nota

IMPORTANT UPDATE:

It's important to note Bitcoin can potentially fall deeper than $24,000. That's the purpose of mentioning the 3-Week time frame.

We have a new 3-Week candle beginning in 1-Day and 17-hours from this writing.


YELLOW TEXT BUBBLE:
The current price of the B-Bands and B-Band Basis
are located here to the right side of this 3-Week chart.

BLUE TEXT BUBBLE:
Red & Blue Lines are both below White Level 70. We have a "new" 3-Week candle
beginning in 1-Day and 17-hours from this writing. When "both" Red and Blue
Lines fall below White Level 70, odds increase for price action to fall down to the
Magenta/White Lower B-Bands. So, we cannot rule out the potential to fall deeper
than proximity to $24,000.

RED TEXT BUBBLE:
Red Line is subject to "fall down from" Magenta Level 60 the next 3-Week candle;
implying the price action has increased odds to "fall down from" Magenta Upper
B-Band the next 3-Week candle. Well, the next price level would be the Yellow
B-Band Basis at $23,283 currently; but can fall further to a range between the
Magenta and White Lower B-Bands.

19 Ogo 2023

Nota

UPDATE:

What is the "norm" for the month of September?