Hi Everyone! Yes, we currently have upward pressure races being triggered in the Short Term Group of time Frames. However, the Red RSI and Blue LSMA are both so low in the 12-hour time frame; I have a hard time seeing a strong move up with "support" behind it. What do I mean by "...support behind it?" In order for the price action in the 12-hour to go above the B-Band Basis and REMAIN above the B-Band Basis for a SUSTAINED period of time, the Red RSI and Blue LSMA "both" need to get above Level 50 in the 12-hour time frame. Which is why I said (in the video), if we run up to the White/Aqua UPPER B-Bands in the 12-hour with the Red RSI and Blue LSMA both as low as they are currently, this would be an indication of the price action being "Over-Extended." Which means we could expect a pullback rather quickly; resulting in a bull trap. Could this go up "organically" (slowly) over time to the White/Aqua UPPER B-Bands in the 12-hour? Yes, but it would require several 12-hour candles to do this.
The B-Band Basis in the 2-Day time frame is currently at $49,100 and currently acting as RESISTANCE for several more 2-Day candles.
BOTTOM LINE: We still have a LOT of work to do if we are to pull out of this with another Bull Run again. Especially, in regard to the Blue LSMA in the 3-Day time frame. If we were to see "downward at worst" come to pass, we are still looking at the Aqua Lower B-Band in the 3-Day time frame; currently sitting at $42,690.
BE MINDFUL of "Bull Traps" in LOWER TIME FRAMES while the Blue LSMA in the 3-Day time frame is still very low. I provided an example in the video of how we are able to tell if the price action is "over-extended;" resulting in a "trap."
Happy Trading and Stay Awesome!
David
The B-Band Basis in the 2-Day time frame is currently at $49,100 and currently acting as RESISTANCE for several more 2-Day candles.
BOTTOM LINE: We still have a LOT of work to do if we are to pull out of this with another Bull Run again. Especially, in regard to the Blue LSMA in the 3-Day time frame. If we were to see "downward at worst" come to pass, we are still looking at the Aqua Lower B-Band in the 3-Day time frame; currently sitting at $42,690.
BE MINDFUL of "Bull Traps" in LOWER TIME FRAMES while the Blue LSMA in the 3-Day time frame is still very low. I provided an example in the video of how we are able to tell if the price action is "over-extended;" resulting in a "trap."
Happy Trading and Stay Awesome!
David