RSI Closing Above 56 in 24h Increases Odds to Reach 1.618 FIB
Updated
Hi Everyone! Those of you who have followed me a while are probably well aware if the Red RSI in the Daily manages to CLOSE "above" 56 in the Daily, upward pressure will continue for the Near Term. This would also increase the odds of us reaching my 1.618 FIB Extension Range between $11,260 and $11,302 at a minimum before exhaustion. I would label this publication "LONG." However, I do not want to get ahead of myself since the Red RSI has yet to CLOSE "above" 56 in this Daily Time Frame.
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UPDATE:6-Day Time Frame:
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UPDATE:2-Day Time Frame:
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UPDATE:3-Day Time Frame:
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UPDATE:10 Minute Video titled, "BTCUSD - Upward Pressure Continues for the Near Term Explained."
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UPDATE:NOTE how the White Energy is currently higher than the Green Line in the 12h and 24h.
3h, 6h, 12h & 24h Time Frames:
I placed the 2-Day Time Frame to the far right to show we have the 12h, 24h & 2-Day all having the White Energy higher than the Green Line at some point near the top. The reason I'm bringing this up is I want to be careful not to have a dump sneak up on us. If we do dump, it could potentially fall to fill in the Bitcoin CME Futures gap in the Daily at $9,665.
Yes, it is a good sign of the Green going sideways in the 12h to allow time for the White Energy to fall below the Green to POTENTIALLY setup for a sustained period of upward pressure with repeated higher highs followed by higher lows. HOWEVER, it's not good in the 24h and 2-Day time frames to see the Green going out to the side at the moment while the Energy is going higher. I would prefer to see the Green going out to the side with the White Energy falling lower (below the green). Since the White Energy is going higher while the Green is going out to the side, we must be cautious of potential for bearish sentiment creeping in on us. More updates to follow after I take a nap.
6h, 12h, 24h & 2-Day:
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