$6,180 Support Locally; Move up To $7,800 to $8,100 Next Week.
How did I come up with $6,180 Support Locally? I came up with $6,180 from the BASIS of the Bollinger Band in the 3 Hour Time Frame. Because we COULD see the price action fall once again if the White Energy in the 3h TF crosses below 50% "BEFORE" the Red RSI in the 6h makes it to or above 56 percent - Explained in the video. It's also POSSIBLE for the price action to remain sideways near the upper boundary of the Bollinger Band in the 3h TF during brief period of downward pressure before going higher this coming weekend or next week WHEN the White Energy in the Weekly crosses ABOVE the 50% level. If you need to look at my discussion on the 3-Day and Weekly Time Frames again in the video, please do so. It's very possible for us to continue going higher to the BASIS in the Weekly Time Frame AT A MINIMUM. However, we may not see that move up to the Weekly BASIS in the Bollinger Band UNTIL the White Energy in the Weekly crosses ABOVE the 50 percent level. More updates with charts will follow shortly.
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FOLLOW UP - "More Focus on Price Action in Relation to Indicators in Lower TF."
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Weekly Time Frame:
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KEEP IN MIND: I'm NOT prepared to say, "Bottom is in or not in," as mentioned in the video. We are simply approaching this one bridge at a time. The purpose of the two videos posted was to point out my opinion of what may occur in the near term with the 3h and 6h time frames and what may occur in the mid term with the 3-Day and Weekly time frames. We may still have quite a while yet before we are able to determine if we may have further down to go; if we may go sideways for a longer period of time or if we are in the beginning stage of another bull run.
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Upward pressure continues for now. See notes in the 6h and 12h time frames below:
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