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ZILBTC expecting continuation of upward pressure into January
In this update I'm looking at the 8 day timeframe only.
This update is to demonstrate the possibility of upward pressure continuing at least into the first week of January.
First of all we note in this timeframe that both the Red RSI & the Blue LSMA made contact with the Green MA while it was rising. This is a bullish sign. Although the White Energy is currently a fair bit higher than the Green, looking at lower timeframes I see a good possibility that the Green can go out to the side allowing the White Energy to fall below. It is important to note that this current 8 Day candle closes in 14 hours. The Red RSI is currently over 57. If the Red RSI can close above 56 in 14 hours this provides a good indication that upward pressure should continue in my opinion until the White Energy falls to around 80-85. If we look at the green vertical timeline at 9th June we can see that it was during this candle that the price action began to fall and the White Energy was at 80-85. Currently the White Energy is at around the same level as it was on the Blue timeline on 24th May. We can use this as a rough indication (considering similarities then with now) that the White Energy will fall to about 80-85 during the 8 day candle after the next. We could pinpoint this with greater acuracy by looking at lower timeframes - but its Christmas and I'm off to play with my son! Anyway I would estimate that we could be looking at upward pressure continuing on this basis for at least another 12 days IF THE RED RSI CAN CLOSE ABOVE 56 IN 14 HOURS.
This is my opinion and not financial advice
Merry Christmas guys!
This update is to demonstrate the possibility of upward pressure continuing at least into the first week of January.
First of all we note in this timeframe that both the Red RSI & the Blue LSMA made contact with the Green MA while it was rising. This is a bullish sign. Although the White Energy is currently a fair bit higher than the Green, looking at lower timeframes I see a good possibility that the Green can go out to the side allowing the White Energy to fall below. It is important to note that this current 8 Day candle closes in 14 hours. The Red RSI is currently over 57. If the Red RSI can close above 56 in 14 hours this provides a good indication that upward pressure should continue in my opinion until the White Energy falls to around 80-85. If we look at the green vertical timeline at 9th June we can see that it was during this candle that the price action began to fall and the White Energy was at 80-85. Currently the White Energy is at around the same level as it was on the Blue timeline on 24th May. We can use this as a rough indication (considering similarities then with now) that the White Energy will fall to about 80-85 during the 8 day candle after the next. We could pinpoint this with greater acuracy by looking at lower timeframes - but its Christmas and I'm off to play with my son! Anyway I would estimate that we could be looking at upward pressure continuing on this basis for at least another 12 days IF THE RED RSI CAN CLOSE ABOVE 56 IN 14 HOURS.
This is my opinion and not financial advice
Merry Christmas guys!
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See other publications in this series
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As expected, the 8d candle closed with the Red RSI above 56 and is currently at 70. In the 6d & the 12d we also closed with the Red RSI above 56. Until the White Energy crosses below 80-85 in the 8d, which in my opinion could be in 1st week in January, upward pressure should continue. This does not mean that the price action will go up but it is likely to go sideways at worst.
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Mid Term Timeframes
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.