Race Triggered Between the 6H and 12H.
- 6H Red RSI already closed below level 50, triggering race between 6H and 12H
- White Energy in 6H needs to close above 50 before red RSI in 12H closes below 50
I'm expecting a range between lower white and lower orange bands. Perhaps a bounce like @WyckoffMode is expecting for BTC where ETH wicks somewhere between the lower white and lower aqua.
Keep in mind, Blue LSMA in 6HR below 50 indicates increased possibility of b-bands expanding. IF downward pressure continues, I'm expecting more downside in price action, potentially to the $860 range (where the red lower is currently).
I'm not as informed as WyckoffMode is, so staying cash for now and waiting for evidence of a reversal to sustained upward pressure.
Trade safe, and stay awesome!
- 6H Red RSI already closed below level 50, triggering race between 6H and 12H
- White Energy in 6H needs to close above 50 before red RSI in 12H closes below 50
I'm expecting a range between lower white and lower orange bands. Perhaps a bounce like @WyckoffMode is expecting for BTC where ETH wicks somewhere between the lower white and lower aqua.
Keep in mind, Blue LSMA in 6HR below 50 indicates increased possibility of b-bands expanding. IF downward pressure continues, I'm expecting more downside in price action, potentially to the $860 range (where the red lower is currently).
I'm not as informed as WyckoffMode is, so staying cash for now and waiting for evidence of a reversal to sustained upward pressure.
Trade safe, and stay awesome!
Comment:
Downward pressure continues, although there was temporarily a bounce as expected when the 6H white energy closed above 50 before the red RSI in the 12H closed below 50.
However:
- Energy was higher than the green in the 6H, so a lower high was expected.
- Range bound trading between white lower and aqua lower played out
Note:
- Race triggered between 45 minute and 90 minute. If red RSI in the 90 minute closes below 50 before the energy in the 45 minute closes above 50, downward pressure continues.
- Lower time frames should be looked at! (12, 23, 45, 90) to confirm that upward pressure reversal is occurring, which I currently do not see!
Downward pressure continues, although there was temporarily a bounce as expected when the 6H white energy closed above 50 before the red RSI in the 12H closed below 50.
However:
- Energy was higher than the green in the 6H, so a lower high was expected.
- Range bound trading between white lower and aqua lower played out
Note:
- Race triggered between 45 minute and 90 minute. If red RSI in the 90 minute closes below 50 before the energy in the 45 minute closes above 50, downward pressure continues.
- Lower time frames should be looked at! (12, 23, 45, 90) to confirm that upward pressure reversal is occurring, which I currently do not see!
Race continues... White Energy in 6 HR is currently 45.78, needs to close above 50 BEFORE the red RSI in the 12 HR (currently at 54.51) closes below 50.
Price action is trending between the lower aqua and lower white bands as expected, watch Bitcoin, as that will drag ETH either way most likely.