BTC INTRA-DAY BREAKDOWN
What has occurred since our last intra-day breakdown for BTC (FINEX) ?
- Well, firstly, we stated on the 19th of December on our last full BTC INTRA-DAY BREAKDOWN that we would be focusing on BTC finex as its a bullish price leader and since then bullish activity has been more evident than ever. This is just coming from a fundamental perspective.
‘’We will look at BTC price action from a top down perspective and see what all the fuss is about once again about clueless people screaming that its bull run per usual - BUT MANY A TIME THEY HAVE BEEN WRONG AND WE WILL EVALUATE THIS SITUATION PROPERLY SO WE DO NOT GET CAUGHT UP IN ANY FOMO DRIVEN PRICE ACTION. ‘’
- Per usual, team FOMO has lost another battle all in all.
- ‘’REALISTICALLY SPEAKING, I EXPECT FINEX PRICE TO TEST MAXIMUM UPWARD POTENTIAL OF 4435$ BEFORE SEEING MAJOR KNOCK BACKS TO OUR DOWNWARD TARGETS. If this occurs, then that would also mean that XBT will go on to test EMA at 4150$ and the ALTS we focus on will hit the upward targets which we have set before melting again. ‘’
>> Again, even though I was very pessimistic about our 5.2k target on FINEX being achieved, i clearly stated to you guys trading on FINEX that you should expect maximum upward tests of 4435$ and if you look at the multi chart view posted to you on priority, you will see that maximum spikes were only up until 4435$ before massive rejection to the downside and our maximum upside conservative target of 4150$, was also achieved on bitmex. This was in the midst of the whole world screaming 6k we go.
‘’We can also see that momentum indicators such as RSI are at common hourly support levels of 56 and RSI/ROC is at common support level of 56 too and tendency to test 65 level before a meltdown is high - this correlates with an increase to 4150$. If you are brave and want to short (I would advice against for now), then 4150$ wick would be your thing with support targets at 3800$,3750$ and 3650$.’’
- This has also occurred, except that we wicked to 4435$ instead. But, support was finally found at 6350$ after a rejection from 4435$.
We will do the top down style analysis to look at possible price direction, that you should have become accustomed to by now.
What can we see on the daily charts for BTC ?
- Well, we can see that on our price chart we are constantly being knocked down by the descending resistance trend line in black and currently it is being used as resistance at 4450$.
- We can also see that we has a bearish divergence on the daily for BTC and this could be an early indication of a retest of 3650$ and even more with wicks to 3483$ before any sign of support or any sign of breaking on to the next stage of this fan with a break of 4049$ resistance and earliest signs of bullish rebound coming in at 3800$ support (but remember this is all to happen later on and I believe in order for this to occur we will need to see a rejection to at least 3650$ and also 3483$.
- To add to this, on the daily RSI is currently at an infamous resistance level of 56 and we could see another drop to 37 level RSI on the daily before support is found again. If 37 support is broken on the daily, then expect this to translate to 3483$ support being found and us heading to 30 level RSI (wicks could be down as low as 3323$ to create a double bottom and in this instance if neckline of 4435$ is broken then we would be heading towards 5200-5400$ before MAJOR RESISTANCE is found again.
- Lastly, We can see on RSI/ROC on the daily that we are near last frontier of resistance at 63 RSI/ROC level and this is ALARMING for the bulls because that would mean they have ran out of momentum to the upside and thus a rejection from this level would be both necessary and also fearful for the bulls because a meltdown on the daily to 60 level RSI/ROC on the daily could take place.
What can we see on the 4 hourly charts for BTC ?
- Firstly, we can see on our price chart that currently EMA 200 is being used as resistance at 4050$ and we will definitely see a rejection from this level to 3800$ at the minimum. Moreover, this is inline with the fact that 4050$ is a psychological supply zone.
- Furthermore, we can see that on RSI that we are currently near maximum overbought zones of 70-80 level on the 4 hourly chart for BTC. This is in line with our descending resistance trend line in black drawn on our RSI chart across all timeframes. Moreover, a rejection from this level would lead to support being attempted at 56 level, but with how bearish the daily is, it could be that the crucial natural level of 37 could provide support.
- Looking at our RSI/ROC momentum indicator, we can see that we are at resistance level of 53 but we cannot rule out an increase to 56 level. None the less, either way around this region, we should expect to see a rejection from black trend line drawn on RSI/ROC and this will lead to support being found at the 45 level on RSI/ROC 4 hourly chart. None the less, realistically speaking the natural support lies at 43 level.
What can we see on the 1 hourly charts for BTC ?
- We can firstly see that support for BTC following wicks to 4050$ and with this zone holding as a solid supply zone in line with descending trend line drawn on price chart. We can expect first level of support to lay at 3900$ for BTC but I would say that this EMA support on the hourly won’t hold and we will see a rejection to 3800$ for first signs of support on FINEX. Moreover, until 3950$ is broken, then MA’s still act as somewhat of a support. We can also see a descending channel forming between 4435$-3650$.
- We can see on our RSI indicator that we currently are seeing resistance level of 80 on RSI holding and that we should find first sign of support at 56 level RSI on the hourly and this should correlate with 3950-3900$. A break of this level, which I stated is more than likely then we continue the V like structure which we continually see from rejections at 70-80 level on RSI and thus natural support lies at 37 level RSI. Remember, RSI reacts faster than the other momentum indicators such as RSI/ROC, thus I would say if RSI/ROC sees a good rejection to 43 level on the hourly then 20 RSI for the hourly charts following a rejection from 4050$ and support at 3650$ would not be out of the play. I still do think wicks could be as low as 3427$ if bitmex bears can crush buy wall at 3428$ and 3610$ on XBT price.
- We can see on our RSI/ROC chart that a slightly more bullish picture is being drawn on the hourly and infant support could instantly be found to see a retest of 4050$ and even wicks to 4100$ before another sad rejection but this time for real to our downward targets. In addition to this, RSI/ROC support lays at 43-47 level and these levels are naturally seen as supporting levels on these momentum indicators.
To sum up :
1. Maximum upside activity at the minute on FINEX is 4100$ and downside is still holds precedence until 3650$ support and even more so 3483$ support.
2. Break of neckline at 4.4k still leads to resistance at 5.2-5.4k on finex but I can downgrade the possibility of this move with a early rejection from 4900$ as I believe the bulls are really weak even though there is a bullish vibe in the crypto community going into the new year.
3. We should be thinking short at the minute and BUY at 3483-3659$ in order to continue trading this range into a breakout.
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 BTC (FINEX) ?
- Well, firstly, we stated on the 19th of December on our last full BTC INTRA-DAY BREAKDOWN that we would be focusing on BTC finex as its a bullish price leader and since then bullish activity has been more evident than ever. This is just coming from a fundamental perspective.
‘’We will look at BTC price action from a top down perspective and see what all the fuss is about once again about clueless people screaming that its bull run per usual - BUT MANY A TIME THEY HAVE BEEN WRONG AND WE WILL EVALUATE THIS SITUATION PROPERLY SO WE DO NOT GET CAUGHT UP IN ANY FOMO DRIVEN PRICE ACTION. ‘’
- Per usual, team FOMO has lost another battle all in all.
- ‘’REALISTICALLY SPEAKING, I EXPECT FINEX PRICE TO TEST MAXIMUM UPWARD POTENTIAL OF 4435$ BEFORE SEEING MAJOR KNOCK BACKS TO OUR DOWNWARD TARGETS. If this occurs, then that would also mean that XBT will go on to test EMA at 4150$ and the ALTS we focus on will hit the upward targets which we have set before melting again. ‘’
>> Again, even though I was very pessimistic about our 5.2k target on FINEX being achieved, i clearly stated to you guys trading on FINEX that you should expect maximum upward tests of 4435$ and if you look at the multi chart view posted to you on priority, you will see that maximum spikes were only up until 4435$ before massive rejection to the downside and our maximum upside conservative target of 4150$, was also achieved on bitmex. This was in the midst of the whole world screaming 6k we go.
‘’We can also see that momentum indicators such as RSI are at common hourly support levels of 56 and RSI/ROC is at common support level of 56 too and tendency to test 65 level before a meltdown is high - this correlates with an increase to 4150$. If you are brave and want to short (I would advice against for now), then 4150$ wick would be your thing with support targets at 3800$,3750$ and 3650$.’’
- This has also occurred, except that we wicked to 4435$ instead. But, support was finally found at 6350$ after a rejection from 4435$.
We will do the top down style analysis to look at possible price direction, that you should have become accustomed to by now.
What can we see on the daily charts for BTC ?
- Well, we can see that on our price chart we are constantly being knocked down by the descending resistance trend line in black and currently it is being used as resistance at 4450$.
- We can also see that we has a bearish divergence on the daily for BTC and this could be an early indication of a retest of 3650$ and even more with wicks to 3483$ before any sign of support or any sign of breaking on to the next stage of this fan with a break of 4049$ resistance and earliest signs of bullish rebound coming in at 3800$ support (but remember this is all to happen later on and I believe in order for this to occur we will need to see a rejection to at least 3650$ and also 3483$.
- To add to this, on the daily RSI is currently at an infamous resistance level of 56 and we could see another drop to 37 level RSI on the daily before support is found again. If 37 support is broken on the daily, then expect this to translate to 3483$ support being found and us heading to 30 level RSI (wicks could be down as low as 3323$ to create a double bottom and in this instance if neckline of 4435$ is broken then we would be heading towards 5200-5400$ before MAJOR RESISTANCE is found again.
- Lastly, We can see on RSI/ROC on the daily that we are near last frontier of resistance at 63 RSI/ROC level and this is ALARMING for the bulls because that would mean they have ran out of momentum to the upside and thus a rejection from this level would be both necessary and also fearful for the bulls because a meltdown on the daily to 60 level RSI/ROC on the daily could take place.
What can we see on the 4 hourly charts for BTC ?
- Firstly, we can see on our price chart that currently EMA 200 is being used as resistance at 4050$ and we will definitely see a rejection from this level to 3800$ at the minimum. Moreover, this is inline with the fact that 4050$ is a psychological supply zone.
- Furthermore, we can see that on RSI that we are currently near maximum overbought zones of 70-80 level on the 4 hourly chart for BTC. This is in line with our descending resistance trend line in black drawn on our RSI chart across all timeframes. Moreover, a rejection from this level would lead to support being attempted at 56 level, but with how bearish the daily is, it could be that the crucial natural level of 37 could provide support.
- Looking at our RSI/ROC momentum indicator, we can see that we are at resistance level of 53 but we cannot rule out an increase to 56 level. None the less, either way around this region, we should expect to see a rejection from black trend line drawn on RSI/ROC and this will lead to support being found at the 45 level on RSI/ROC 4 hourly chart. None the less, realistically speaking the natural support lies at 43 level.
What can we see on the 1 hourly charts for BTC ?
- We can firstly see that support for BTC following wicks to 4050$ and with this zone holding as a solid supply zone in line with descending trend line drawn on price chart. We can expect first level of support to lay at 3900$ for BTC but I would say that this EMA support on the hourly won’t hold and we will see a rejection to 3800$ for first signs of support on FINEX. Moreover, until 3950$ is broken, then MA’s still act as somewhat of a support. We can also see a descending channel forming between 4435$-3650$.
- We can see on our RSI indicator that we currently are seeing resistance level of 80 on RSI holding and that we should find first sign of support at 56 level RSI on the hourly and this should correlate with 3950-3900$. A break of this level, which I stated is more than likely then we continue the V like structure which we continually see from rejections at 70-80 level on RSI and thus natural support lies at 37 level RSI. Remember, RSI reacts faster than the other momentum indicators such as RSI/ROC, thus I would say if RSI/ROC sees a good rejection to 43 level on the hourly then 20 RSI for the hourly charts following a rejection from 4050$ and support at 3650$ would not be out of the play. I still do think wicks could be as low as 3427$ if bitmex bears can crush buy wall at 3428$ and 3610$ on XBT price.
- We can see on our RSI/ROC chart that a slightly more bullish picture is being drawn on the hourly and infant support could instantly be found to see a retest of 4050$ and even wicks to 4100$ before another sad rejection but this time for real to our downward targets. In addition to this, RSI/ROC support lays at 43-47 level and these levels are naturally seen as supporting levels on these momentum indicators.
To sum up :
1. Maximum upside activity at the minute on FINEX is 4100$ and downside is still holds precedence until 3650$ support and even more so 3483$ support.
2. Break of neckline at 4.4k still leads to resistance at 5.2-5.4k on finex but I can downgrade the possibility of this move with a early rejection from 4900$ as I believe the bulls are really weak even though there is a bullish vibe in the crypto community going into the new year.
3. We should be thinking short at the minute and BUY at 3483-3659$ in order to continue trading this range into a breakout.
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!
