what goes up, must come down!
XBT INTRA-DAY BREAKDOWN
What has occurred since our last intra-day breakdown for XBT (bitmex) ?
- Well, I stated that we would see a retracement from highs of 4050$ to 3800-3750$, with maximum support to be found at 3610$ (this is a MAJOR support zone for XBT currently and previously this was a massive supply zone). However, instead of receiving a rejection at 4050$ level, we saw a short squeeze occur until 4240$ as there were a lot of shorts pilled up in anticipation of a rejection from resistance trend line in black on the price chart for XBT. None the less, I made follow up calls privately to priority members stating that the alts were looking bullish and this squeeze may be necessary for us to reach our targets for our alts. During this time, ETH reached our targets as well as XRP achieving an unconservative target of 0.45$. None the less, we had one more unconservative target of 0.52$ to achieve for XRP and 175$ unconservative target for ETH was also not achieved. Instead what came was an early rejection for ETH @ 165$ from a minor resistance level. None the less, this should not be on me as I did state our target breakdown clearly across the alts and I have stated anything above our conservative targets is dangerous territory to be involved in with bearish bias still in the market.
Now what can we expect as the next move for XBT and of course, as you should know, as an educated priority member, that everything follows BTC at the end of the day and that XBT is often a bearish price leader, hence, why we are focusing on XBT for this analysis and not BTC. We are aware of the upside potential for this move to be able to take us to 4.4k,4.7k and 4.9k on mex with final targets for FINEX to the upside at 5100$. However, with the most recent meltdown in price on an intra-day basis, we will need to focus on the bearish possibilities from current price and look at if our upward targets all the way up to 4.9k, are still possible to be achieved or are we heading for dooms day to our downward targets beginning with 2950$ (which is yet to be achieved).
We will do a top down style analysis to look at possible price direction.
What can we see on the daily chart for XBT ? (VERY BEARISH)
- We can see following a rejection from 4200$, we had broken through support zones at 4050$ and current price is at 3750$. I stated to priority members in the panic of bull activity to 4240$ that they should wait for CONFIRMATION price of 4270$ to be broken and for those that want to be even safer, the first major conformational price for any bullish activity to our upward targets would come with a CLEAR BREAK OF CEILING AT 4382$. Neither of these objectives had been completed, thus, you should not have taken any long positions.
- We can see that on our momentum indicators on the daily chart that support currently lies at 3700$ for XBT and this is in line with previous sell walls at 50 level RSI (which should now be a price floor for the immediate future) and a break of 3700$ may be relatively difficult. None the less, with a rejection from 60 level on RSI/ROC in line with a rejection from our red trend line drawn on this indicator, we had initially expected a retracement to at least the 37 level before any support on the daily comes for XBT and this would coincide with a drop to 3610$ support level.
- On our RSI/ROC momentum indicator, we can see a clear rejection from the 62 level on this indicator and support lies at the blue trend line drawn on this indicator. This would equate to 56 level RSI/ROC on the daily for support to be found. If this level is broken downwards of then this will be extremely dangerous and could lead to daily RSI/ROC choosing to drop to 40 level for support. This could be highly unlikely, as support around 56 level on the daily on this indicator is very strong, in line with general support zone as shown on our price chart of 3427-3610$.
What can we see on the 4 hourly chart for XBT ? (Slightly bullish, but we can’t rule our further bearish activity) + trading in the middle of a move is dangerous and best to wait for clear supports and ceilings.
- We can see that after spiking to support at 3700$ level, price is currently at 3760$ with MA’s being used as resistance from 4k level and they are currently at 3869$. It is very likely, from support at 3700$, that we go on to test 3870$ level before bearish activity continues for XBT. We can also see that EMA 200 on the 4 hourly is being used as resistance at 4k ceiling and thus, we can conclude that it will be very difficult for XBT to break this level.
- We can see that our momentum indicator of RSI is currently at a supporting zone and it is possible that we test 60 level on RSI to the upside before bearish activity continues. Remember, there is a greater chance on the 4 hourly that support is found between 37 level and 15 level than any other level.
- We can see that our RSI/ROC momentum indicator is currently at support on the 4 hourly at the 4 level RSI/ROC, a level which is infamously a support more than anything. I expect if support is found at current level, on the 4 hourly, we will only see an increase to 50 level RSI/ROC before bearish activity can continue again. This will cause a lot of fomo buys at 4000-4050$ before the next drop in order to create lower lows to our support zone of 3427-3610$ on bitmex.
- None the less, due to how close we are to our major support zone, it would be silly to go long at current price as a flash crash to 3610$ could occur. Moreover, because of how bearish the daily is and the fact that daily bearish activity just seems like its beginning, whereas 4 hourly bearish activity seems exhausted and at support levels, you should be cautious to trade against the bigger move.
What can we see on the 1 hourly chart for XBT ? (Slightly bullish but over-all bearish bias remains)
- We can see that EMA200 is currently being used as a resistance on the hourly charts at 3800$ and MA’s are also being used as resistance but a bullish cross over on MA’s could still be likely. However, it will be difficult to overcome resistance of EMA200.
- We can see on our momentum indicators that we used 15 level as support on RSI and that it is likely 37 level could be used as resistance to install further drops back to the 15 level in order to cause long REKT’s to 3610$.
- We can see that on RSI/ROC momentum indicator that support was used at last level of 30 and now we are testing 40 level support again, this should now be a temporarily ceiling.
- Hold your guns for any shorts as it is completely possible that we do test the 60 level RSI before further drops to our support zone and indeed a retest of black supporting trend line in line with our support rejection between 3427-3610$.
What can we deduce from all this ?
- 4270$ should still be our long confirmation price. Remember, first sell wall thereafter is at 4382$.
- Support zones for XBT lay between 3427-3610$ with 3610$ as previous ceiling and now a support due to the fact price broke this level - in line with this would come a retest off supporting trend line.
- Neckline for a double top currently stands at 3800$ and thus a rejection from this level would be first sign of short activity to lows of 3427$.
- Daily holds huge bearish influence and this may not come for some time but when it does it will be drastic.
- For bullish price action to remain to our upward targets, a reduction is price to these levels would only be beneficial as it places our daily in line with support zones.
PLEASE SEE RELATED IDEAS DOWN BELOW ;) & don't forget to stay up to date with our calls by following our Instagram and telegram channels down below AND ON OUR TRADINGVIEW PAGE - CALL AFTER CALL CORRECT!
What has occurred since our last intra-day breakdown for XBT (bitmex) ?
- Well, I stated that we would see a retracement from highs of 4050$ to 3800-3750$, with maximum support to be found at 3610$ (this is a MAJOR support zone for XBT currently and previously this was a massive supply zone). However, instead of receiving a rejection at 4050$ level, we saw a short squeeze occur until 4240$ as there were a lot of shorts pilled up in anticipation of a rejection from resistance trend line in black on the price chart for XBT. None the less, I made follow up calls privately to priority members stating that the alts were looking bullish and this squeeze may be necessary for us to reach our targets for our alts. During this time, ETH reached our targets as well as XRP achieving an unconservative target of 0.45$. None the less, we had one more unconservative target of 0.52$ to achieve for XRP and 175$ unconservative target for ETH was also not achieved. Instead what came was an early rejection for ETH @ 165$ from a minor resistance level. None the less, this should not be on me as I did state our target breakdown clearly across the alts and I have stated anything above our conservative targets is dangerous territory to be involved in with bearish bias still in the market.
Now what can we expect as the next move for XBT and of course, as you should know, as an educated priority member, that everything follows BTC at the end of the day and that XBT is often a bearish price leader, hence, why we are focusing on XBT for this analysis and not BTC. We are aware of the upside potential for this move to be able to take us to 4.4k,4.7k and 4.9k on mex with final targets for FINEX to the upside at 5100$. However, with the most recent meltdown in price on an intra-day basis, we will need to focus on the bearish possibilities from current price and look at if our upward targets all the way up to 4.9k, are still possible to be achieved or are we heading for dooms day to our downward targets beginning with 2950$ (which is yet to be achieved).
We will do a top down style analysis to look at possible price direction.
What can we see on the daily chart for XBT ? (VERY BEARISH)
- We can see following a rejection from 4200$, we had broken through support zones at 4050$ and current price is at 3750$. I stated to priority members in the panic of bull activity to 4240$ that they should wait for CONFIRMATION price of 4270$ to be broken and for those that want to be even safer, the first major conformational price for any bullish activity to our upward targets would come with a CLEAR BREAK OF CEILING AT 4382$. Neither of these objectives had been completed, thus, you should not have taken any long positions.
- We can see that on our momentum indicators on the daily chart that support currently lies at 3700$ for XBT and this is in line with previous sell walls at 50 level RSI (which should now be a price floor for the immediate future) and a break of 3700$ may be relatively difficult. None the less, with a rejection from 60 level on RSI/ROC in line with a rejection from our red trend line drawn on this indicator, we had initially expected a retracement to at least the 37 level before any support on the daily comes for XBT and this would coincide with a drop to 3610$ support level.
- On our RSI/ROC momentum indicator, we can see a clear rejection from the 62 level on this indicator and support lies at the blue trend line drawn on this indicator. This would equate to 56 level RSI/ROC on the daily for support to be found. If this level is broken downwards of then this will be extremely dangerous and could lead to daily RSI/ROC choosing to drop to 40 level for support. This could be highly unlikely, as support around 56 level on the daily on this indicator is very strong, in line with general support zone as shown on our price chart of 3427-3610$.
What can we see on the 4 hourly chart for XBT ? (Slightly bullish, but we can’t rule our further bearish activity) + trading in the middle of a move is dangerous and best to wait for clear supports and ceilings.
- We can see that after spiking to support at 3700$ level, price is currently at 3760$ with MA’s being used as resistance from 4k level and they are currently at 3869$. It is very likely, from support at 3700$, that we go on to test 3870$ level before bearish activity continues for XBT. We can also see that EMA 200 on the 4 hourly is being used as resistance at 4k ceiling and thus, we can conclude that it will be very difficult for XBT to break this level.
- We can see that our momentum indicator of RSI is currently at a supporting zone and it is possible that we test 60 level on RSI to the upside before bearish activity continues. Remember, there is a greater chance on the 4 hourly that support is found between 37 level and 15 level than any other level.
- We can see that our RSI/ROC momentum indicator is currently at support on the 4 hourly at the 4 level RSI/ROC, a level which is infamously a support more than anything. I expect if support is found at current level, on the 4 hourly, we will only see an increase to 50 level RSI/ROC before bearish activity can continue again. This will cause a lot of fomo buys at 4000-4050$ before the next drop in order to create lower lows to our support zone of 3427-3610$ on bitmex.
- None the less, due to how close we are to our major support zone, it would be silly to go long at current price as a flash crash to 3610$ could occur. Moreover, because of how bearish the daily is and the fact that daily bearish activity just seems like its beginning, whereas 4 hourly bearish activity seems exhausted and at support levels, you should be cautious to trade against the bigger move.
What can we see on the 1 hourly chart for XBT ? (Slightly bullish but over-all bearish bias remains)
- We can see that EMA200 is currently being used as a resistance on the hourly charts at 3800$ and MA’s are also being used as resistance but a bullish cross over on MA’s could still be likely. However, it will be difficult to overcome resistance of EMA200.
- We can see on our momentum indicators that we used 15 level as support on RSI and that it is likely 37 level could be used as resistance to install further drops back to the 15 level in order to cause long REKT’s to 3610$.
- We can see that on RSI/ROC momentum indicator that support was used at last level of 30 and now we are testing 40 level support again, this should now be a temporarily ceiling.
- Hold your guns for any shorts as it is completely possible that we do test the 60 level RSI before further drops to our support zone and indeed a retest of black supporting trend line in line with our support rejection between 3427-3610$.
What can we deduce from all this ?
- 4270$ should still be our long confirmation price. Remember, first sell wall thereafter is at 4382$.
- Support zones for XBT lay between 3427-3610$ with 3610$ as previous ceiling and now a support due to the fact price broke this level - in line with this would come a retest off supporting trend line.
- Neckline for a double top currently stands at 3800$ and thus a rejection from this level would be first sign of short activity to lows of 3427$.
- Daily holds huge bearish influence and this may not come for some time but when it does it will be drastic.
- For bullish price action to remain to our upward targets, a reduction is price to these levels would only be beneficial as it places our daily in line with support zones.
PLEASE SEE RELATED IDEAS DOWN BELOW ;) & don't forget to stay up to date with our calls by following our Instagram and telegram channels down below AND ON OUR TRADINGVIEW PAGE - CALL AFTER CALL CORRECT!
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