General discussion on current situation on BTC Part 2
Updated
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Note
Despite the fact that the 10D green line and white energy are appearing to be coming down at this point, there is no cause of concern if we understand how the indicator tends to behave and when we understand how bullish sentiment and upward pressure are still very much present at the higher timeframes.What is happening in the 5D TF in this current run looks very similar to what happened in the 1W TF back in 3 Jun 2019, when the price suffered the first mid TF red candle after the price pumped from roughly 3000 to 9000, at the exact point where the white energy dropped below 50. But the fact that the white energy dropping below 50 and rendering a red dump candle at the low to mid TFs do not necessarily mean an end to the price pump when we consider the fact that the high TFs are still likely in bullish sentiment, that there would likely be more pump in price to be followed after this current, small correction from 19490 to 16200. I personally believe there is more price pump in the coming weeks and that there is a chance to have a new all time high by the end of the year. I am marking this post a long based on what I am seeing in the mid-long timescale.
Note
A white energy-red RSI race between 12h to 1D shows us that there is a better chance now to have a reversal to the days old correction that we had not long ago, that we could have bullish continuation and a quick exit to this small correction phase here. Again the fact that the white energy wins the race against red RSI gives a better chance that we could have continuous price pump, but it is not a must, as in all things probabilistic in nature in trading. I personally like our chance of having continous upward pressure in the short to mid term.
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