XBT INTRA-DAY BREAKDOWN
What has occurred since our last bitcoin breakdown (specifically finex). Well, I stated that BTC would fall back down to 3700$ and thereafter find support at this level in order to test new recent highs and also, I stated that we were intermediately long on alts such as XRP & ETH. We stated that we should be equally bullish about both XRP and ETH once we saw the 0.28$ being used as support and respectively 82$ for ETH. For BTC (finex) I stated that we would make an attempt at making highs to 4200$ and 4400$ respectively and this has also occurred with first ceiling around 4150-4200$ region.
Now whats the next move FELIX is what you may be asking yourself ?
- Well, we can see on smaller time frames that we should see another Retracement to the 3800-3750$ level.
- I will show you how this is possible through a top down styled analysis.
What is the 1 day chart for XBT showing us ?
- Well, as expected we saw the rejection from the 4200$ level on MEX and this was in line with trend lines previously drawn on our momentum indicators. We can clearly see a rejection from the 81 level on RSI and in my previous analysis I stated that we should begin to think bearish once this level is hit. We can also see a previous rejection from the 62 level on DAILY RSI/ROC momentum indicator, but I expect a rejection from the 62 level on RSI/ROC and I expected a retracement to instead occur. IF this level is broken then we will see a pump to next resistance at 72 LEVEL RSI/ROC, which is respectively around the 4382$ ceiling but wicks till 4700$ on a best case bullish scenario are possible.
- At this moment in time, you can see a rejection from trend line which was a previous support and now resistance for XBT to break. You can also see MA’s way behind at 3610-3800$ at the moment and I suspect a rejection from current price levels to find support at these levels.
What is the 4 HOUR chart for XBT showing us ?
- We can see a clear rejection from 4k level in most recent price action and a bearish cross over on ours MA’s. Moreover, EMA 200 is being used as resistance currently.
- We can also see a rejection from 60 level on RSI and I suspect bearish activity should continue till at least 37 level RSI, which is now a support level.
- We can see a rejection from blue trend line on 4 hourly RSI/ROC and I suspect a drop till at least 40 level for it to be used as support.
- All this tells us that we should expect price to end back up at at least 3800$ level if not 3610$ (now a support level).
What is the 1 hour chart for XBT showing us ?
- We can see a bearish cross over on MA’s and we can see EMA 200 at 3700$ currently and thus this would be a second conservative target from 3800$.
- We can also see that RSI/ROC is making its way to our key support level of 40. And a rejection has come in line with trend lines drawn on the indicator.
- RSI is showing us tendency to go back to support at 3800$ and 15 level respectively.
- I believe once we see these levels there will be a lot of fomo sells going on and this should give us enough wicking.
- All in all we need to test supporting trend line once again at 3610$.
Targets : 3800$, 3700$, 3610$
SL - move stop loss to profit once you see enough :) or 4109$.
PLEASE SEE RELATED IDEAS DOWN BELOW ;) & don't forget to stay up to date with our calls by following our Instagram and telegram channels down below AND ON OUR TRADINGVIEW PAGE - CALL AFTER CALL CORRECT!
What has occurred since our last bitcoin breakdown (specifically finex). Well, I stated that BTC would fall back down to 3700$ and thereafter find support at this level in order to test new recent highs and also, I stated that we were intermediately long on alts such as XRP & ETH. We stated that we should be equally bullish about both XRP and ETH once we saw the 0.28$ being used as support and respectively 82$ for ETH. For BTC (finex) I stated that we would make an attempt at making highs to 4200$ and 4400$ respectively and this has also occurred with first ceiling around 4150-4200$ region.
Now whats the next move FELIX is what you may be asking yourself ?
- Well, we can see on smaller time frames that we should see another Retracement to the 3800-3750$ level.
- I will show you how this is possible through a top down styled analysis.
What is the 1 day chart for XBT showing us ?
- Well, as expected we saw the rejection from the 4200$ level on MEX and this was in line with trend lines previously drawn on our momentum indicators. We can clearly see a rejection from the 81 level on RSI and in my previous analysis I stated that we should begin to think bearish once this level is hit. We can also see a previous rejection from the 62 level on DAILY RSI/ROC momentum indicator, but I expect a rejection from the 62 level on RSI/ROC and I expected a retracement to instead occur. IF this level is broken then we will see a pump to next resistance at 72 LEVEL RSI/ROC, which is respectively around the 4382$ ceiling but wicks till 4700$ on a best case bullish scenario are possible.
- At this moment in time, you can see a rejection from trend line which was a previous support and now resistance for XBT to break. You can also see MA’s way behind at 3610-3800$ at the moment and I suspect a rejection from current price levels to find support at these levels.
What is the 4 HOUR chart for XBT showing us ?
- We can see a clear rejection from 4k level in most recent price action and a bearish cross over on ours MA’s. Moreover, EMA 200 is being used as resistance currently.
- We can also see a rejection from 60 level on RSI and I suspect bearish activity should continue till at least 37 level RSI, which is now a support level.
- We can see a rejection from blue trend line on 4 hourly RSI/ROC and I suspect a drop till at least 40 level for it to be used as support.
- All this tells us that we should expect price to end back up at at least 3800$ level if not 3610$ (now a support level).
What is the 1 hour chart for XBT showing us ?
- We can see a bearish cross over on MA’s and we can see EMA 200 at 3700$ currently and thus this would be a second conservative target from 3800$.
- We can also see that RSI/ROC is making its way to our key support level of 40. And a rejection has come in line with trend lines drawn on the indicator.
- RSI is showing us tendency to go back to support at 3800$ and 15 level respectively.
- I believe once we see these levels there will be a lot of fomo sells going on and this should give us enough wicking.
- All in all we need to test supporting trend line once again at 3610$.
Targets : 3800$, 3700$, 3610$
SL - move stop loss to profit once you see enough :) or 4109$.
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!
