XBT INTRA-DAY BREAKDOWN - 20/09/19
WHAT HAS OCCURRED SINCE OUR LAST XBT (BITMEX) INTRA-DAY BREAKDOWN ?
UPDATES ON OUR TELEGRAM CHANNEL
- It was stated on our telegram channel that XBT would see a rejection from the 10487-10522$ price level as this has been a marked supply zone on our charts for a while now. This rejection would lead to price falling to 10,080$ and a break of this final support would be a strong confirmation for a short to 9600$, if you had not already shorted from rejection at the ceiling of 10487$!
- Thereafter, we advised members of our telegram channel to close shorts at 9600$ and for anyone who was looking to open new shorts to not short just yet. Why ? We foretold that price would be rising to 9,900$ again almost instantly.
REVIEW :
- Once again, everything stated on our telegram channel was to the point and now we will review this trading pair to see what could be the next move!
We will do the top down style analysis that you should have become accustomed to by now to look at possible price direction.
WHAT CAN BE SEEN ON THE DAILY CHART FOR XBT ?
- On the daily chart looking at our price chart, the first thing to note is that we have a wedge creating lower highs and higher lows since June. This ascending support trend line is now showing that final barriers of support for XBT has risen from 9018$ and now stands at 9604$. This final support level of 9604$ is an important psychological demand level for the bulls and a break of this level will indicate a flash crash to 9018$ and even more so to 8,800$ and 8249$ respectively for XBT - this is further supported by the fact that EMA support is currently being shown at 8,800$. We can also see the descending resistance trend line on XBT indicating that average resistance zones for XBT currently lay at 10487$ to 10522$. The maximum price which price can go up to with the bears still retaining power is 10750$ and this is the next major supply zone following a break of 10487-10522$ major supply zone (but it is important to note that it will take a lot for this resistance zone, which has held up very well to be broken). We cannot rule out this zone being broken on the XBT pair because of the fact that the Bitmex derivative’s platform is highly manipulated and we may see shorts getting rekt up to the 10750$ price level before a descend to our downward targets takes place.
- On our momentum indicators on the daily for this pair, we can see that the RSI momentum indicator currently is showing rejections from the resistance trend line drawn on this indicator and is showing tendency on the daily to head towards the 37 level for support - this would correlate with price heading to the previous 9604$ support level. On the RSI/ROC indicator, we can observe that on the daily we are near a region of resistance at the 62 level on this indicator and per usual a rejection from this highlighted level on our momentum indicator chart would lead to RSI/ROC finding support at the infamous 40 level on this indicator and this would correlate with price heading to 9018$ and breaking the 9604$ support.
- Once we switch our chart settings from candlesticks to Heikin Ashi chart settings, we can see a few more things come to light to perfect our entries. On the daily chart, we are seeing bearish wicking HA candles, this is an indicator that the bears are momentarily losing grip of price and that we may instead be getting a bull move to 10487$-10522$ and a break of this zone even further to rekt shorts all the way to 10750$ in order to experience a rejection from descending trend line resistance. Moreover, on the RSI indicator on the Heikin Ashi chart settings, we can see that the 37 level has acted as support at 9604$ and now we are anticipating HA RSI to see a rejection from just under the 60 level to meet resistance trend line on this indicator and this should correlate with price retesting 10487-10522$ level once more and even more so 10750$.
WHAT CAN WE SEE ON THE 4 HOURLY CHART FOR XBT ?
- Looking at our price chart on the 4 hourly with candlestick formations, we can see that following support being found in line with the ascending trend line support at 9604$, we then went on to test the supply zone/resistance level of 10487$ and saw a direct rejection from this level down to 10,080$ and at this level we had found support once again. Currently EMA resistance lays at just below 10,300$ and this is the greatest obstacle for the bulls to overcome other than the 10487$-10522$ sell wall.
- Taking a look at our momentum indicators such as RSI, we can see that we got a rejection from the 81 level. None the less, even though this is a very strong resistance level, in this peculiar case, we may get a retest of this level. This idea is supported by the fact that RSI/ROC is still in an ascending motion up to the 62 level on this indicator.
- Now, if we switch to our Heikin Ashi chart settings, we can see that HA bearish candle sticks are being to form wicks once again,, showing that bearish price action is indeed slightly weak and per our analysis of the daily, we can anticipate at least a retest of 10300$ and even more so the resistance of 10487-10522$. Looking at the HA momentum indicators such as RSI we can see that there is tendency for price to wick to 10,080$ on the next 4 hourly open before finding support at this level once again and seeing an increase to the regions highlighted above ; this is classic of bitmex as these wicks are there to liquidate people in the right positions before heading in their anticipated direction, hence why these indicators actually help us to perfect our entries and not get caught in the wirl wind. There is somewhat of a bearish divergence that can be seen on the charts before slight bullish activity to the upside in essence.
BTC HOURLY
- Resistance and bearish
WHAT CAN WE SEE ON THE 1 HOURLY CHARTS FOR XBT ?
- On the hourly candlestick chart, we can see that EMA resistance is currently at 10200$ and we have seen a rejection from this level on the hourly already. Now, this goes hand in hand with our previous analysis on the 4 hourly anticipating that we will see bearish price action to 10,080$ before a bull move to 10300$ at the minimum and thereafter, a break of this level to 10487-10522$ before bearish price action resumes.
- On the momentum indicators, we can see that RSI is currently at resistance level just below trend line resistance on this indicator and this will lead to this indicator going down to 37 level for support. On RSI/ROC, we can see that overall we are at a support level of 40 RSI/ROC but again we can anticipate bearish price action to 10,080$ before a bull move to 10300$ at the least.
- On our Heikin Ashi chart setting, we can see that bullish price candles are becoming weaker and smaller in size with wicks to the upside, indicating that bullish price action is weakening and the bears shall take back charge on the next hourly open. Again, same can be seen on momentum indicators on this chart settings.
TO CONCLUDE:
1. Expect a rejection to 10,080$, whereby I anticipate that support will be found.
2. Thereafter, bullish price action will take charge once again to 10300$ to meet EMA resistance.
3. A break of 10,300$ will indicate that we are heading towards major supply/resistance zone of 10487-10522$.
4. Thereafter, I anticipate the bears to take back charge at this level, but as we know Bitmex manipulation is real as it gets, so do not be quick to pull the short trigger at this level as we may see bullish price action continue to wick to 10750$ to meet descending trend line resistance.
5. Once the rejection occurs, thereafter, the safest of you should wait for confirmation fo 10,080$ being broken before shorting to 9600$.
6. A break of FINAL SUPPORT at 9600$ will indicate bearish activity to 9018$ and 8,800$ respectively!
ENJOY AND I SHALL GIVE REALTIME ENTRY CALLS THROUGH THE WHOLE JOURNEY!
WHAT HAS OCCURRED SINCE OUR LAST XBT (BITMEX) INTRA-DAY BREAKDOWN ?
UPDATES ON OUR TELEGRAM CHANNEL
- It was stated on our telegram channel that XBT would see a rejection from the 10487-10522$ price level as this has been a marked supply zone on our charts for a while now. This rejection would lead to price falling to 10,080$ and a break of this final support would be a strong confirmation for a short to 9600$, if you had not already shorted from rejection at the ceiling of 10487$!
- Thereafter, we advised members of our telegram channel to close shorts at 9600$ and for anyone who was looking to open new shorts to not short just yet. Why ? We foretold that price would be rising to 9,900$ again almost instantly.
REVIEW :
- Once again, everything stated on our telegram channel was to the point and now we will review this trading pair to see what could be the next move!
We will do the top down style analysis that you should have become accustomed to by now to look at possible price direction.
WHAT CAN BE SEEN ON THE DAILY CHART FOR XBT ?
- On the daily chart looking at our price chart, the first thing to note is that we have a wedge creating lower highs and higher lows since June. This ascending support trend line is now showing that final barriers of support for XBT has risen from 9018$ and now stands at 9604$. This final support level of 9604$ is an important psychological demand level for the bulls and a break of this level will indicate a flash crash to 9018$ and even more so to 8,800$ and 8249$ respectively for XBT - this is further supported by the fact that EMA support is currently being shown at 8,800$. We can also see the descending resistance trend line on XBT indicating that average resistance zones for XBT currently lay at 10487$ to 10522$. The maximum price which price can go up to with the bears still retaining power is 10750$ and this is the next major supply zone following a break of 10487-10522$ major supply zone (but it is important to note that it will take a lot for this resistance zone, which has held up very well to be broken). We cannot rule out this zone being broken on the XBT pair because of the fact that the Bitmex derivative’s platform is highly manipulated and we may see shorts getting rekt up to the 10750$ price level before a descend to our downward targets takes place.
- On our momentum indicators on the daily for this pair, we can see that the RSI momentum indicator currently is showing rejections from the resistance trend line drawn on this indicator and is showing tendency on the daily to head towards the 37 level for support - this would correlate with price heading to the previous 9604$ support level. On the RSI/ROC indicator, we can observe that on the daily we are near a region of resistance at the 62 level on this indicator and per usual a rejection from this highlighted level on our momentum indicator chart would lead to RSI/ROC finding support at the infamous 40 level on this indicator and this would correlate with price heading to 9018$ and breaking the 9604$ support.
- Once we switch our chart settings from candlesticks to Heikin Ashi chart settings, we can see a few more things come to light to perfect our entries. On the daily chart, we are seeing bearish wicking HA candles, this is an indicator that the bears are momentarily losing grip of price and that we may instead be getting a bull move to 10487$-10522$ and a break of this zone even further to rekt shorts all the way to 10750$ in order to experience a rejection from descending trend line resistance. Moreover, on the RSI indicator on the Heikin Ashi chart settings, we can see that the 37 level has acted as support at 9604$ and now we are anticipating HA RSI to see a rejection from just under the 60 level to meet resistance trend line on this indicator and this should correlate with price retesting 10487-10522$ level once more and even more so 10750$.
WHAT CAN WE SEE ON THE 4 HOURLY CHART FOR XBT ?
- Looking at our price chart on the 4 hourly with candlestick formations, we can see that following support being found in line with the ascending trend line support at 9604$, we then went on to test the supply zone/resistance level of 10487$ and saw a direct rejection from this level down to 10,080$ and at this level we had found support once again. Currently EMA resistance lays at just below 10,300$ and this is the greatest obstacle for the bulls to overcome other than the 10487$-10522$ sell wall.
- Taking a look at our momentum indicators such as RSI, we can see that we got a rejection from the 81 level. None the less, even though this is a very strong resistance level, in this peculiar case, we may get a retest of this level. This idea is supported by the fact that RSI/ROC is still in an ascending motion up to the 62 level on this indicator.
- Now, if we switch to our Heikin Ashi chart settings, we can see that HA bearish candle sticks are being to form wicks once again,, showing that bearish price action is indeed slightly weak and per our analysis of the daily, we can anticipate at least a retest of 10300$ and even more so the resistance of 10487-10522$. Looking at the HA momentum indicators such as RSI we can see that there is tendency for price to wick to 10,080$ on the next 4 hourly open before finding support at this level once again and seeing an increase to the regions highlighted above ; this is classic of bitmex as these wicks are there to liquidate people in the right positions before heading in their anticipated direction, hence why these indicators actually help us to perfect our entries and not get caught in the wirl wind. There is somewhat of a bearish divergence that can be seen on the charts before slight bullish activity to the upside in essence.
BTC HOURLY
- Resistance and bearish
WHAT CAN WE SEE ON THE 1 HOURLY CHARTS FOR XBT ?
- On the hourly candlestick chart, we can see that EMA resistance is currently at 10200$ and we have seen a rejection from this level on the hourly already. Now, this goes hand in hand with our previous analysis on the 4 hourly anticipating that we will see bearish price action to 10,080$ before a bull move to 10300$ at the minimum and thereafter, a break of this level to 10487-10522$ before bearish price action resumes.
- On the momentum indicators, we can see that RSI is currently at resistance level just below trend line resistance on this indicator and this will lead to this indicator going down to 37 level for support. On RSI/ROC, we can see that overall we are at a support level of 40 RSI/ROC but again we can anticipate bearish price action to 10,080$ before a bull move to 10300$ at the least.
- On our Heikin Ashi chart setting, we can see that bullish price candles are becoming weaker and smaller in size with wicks to the upside, indicating that bullish price action is weakening and the bears shall take back charge on the next hourly open. Again, same can be seen on momentum indicators on this chart settings.
TO CONCLUDE:
1. Expect a rejection to 10,080$, whereby I anticipate that support will be found.
2. Thereafter, bullish price action will take charge once again to 10300$ to meet EMA resistance.
3. A break of 10,300$ will indicate that we are heading towards major supply/resistance zone of 10487-10522$.
4. Thereafter, I anticipate the bears to take back charge at this level, but as we know Bitmex manipulation is real as it gets, so do not be quick to pull the short trigger at this level as we may see bullish price action continue to wick to 10750$ to meet descending trend line resistance.
5. Once the rejection occurs, thereafter, the safest of you should wait for confirmation fo 10,080$ being broken before shorting to 9600$.
6. A break of FINAL SUPPORT at 9600$ will indicate bearish activity to 9018$ and 8,800$ respectively!
ENJOY AND I SHALL GIVE REALTIME ENTRY CALLS THROUGH THE WHOLE JOURNEY!
