BTCUSD By WyckoffMode – Technical Analysis – 2023-01-15 21:46:28

Welcome everyone! This post is just a “preliminary” discussion of Wyckoff’s potential backlog. I’ll follow up with Part 2 of this discussion shortly. In the second part, we will discuss the indicators in more detail on several other timeframes. Unfortunately, twenty minutes wasn’t enough time to cover everything I wanted to discuss. I may or may not wait for the next daily candle to trigger before introducing Part 2 of our discussion.

You will notice that I have identified a price point around $22,600 as the current “ceiling of resistance”. Below is a 6 week time frame to indicate “why” I say the lower white B band (at $22,600) is currently acting as “maximum resistance” for the rest of the current 6 week candle. Does this mean we can’t “hyperextend” the lower white B band to the purple B band over a 6 week period? No, it is still possible to ‘overextend’ the lower B white band at 6 weeks. Indicators are basically used to tell us the “probabilities” of going up or down from specific b-bands at any given time. Currently, the “odds” are not very high to see an “overstretch” above the lower white B band on the 6-week time frame.

glimpse

I will present the second part of this discussion as soon as we have a new daily light.

Happy trading and stay great!

David

BTCUSD by WyckoffMode
– technical analysis – 2023-01-15 21:46:28 – coinphone [SV]

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