BTC (FINEX) INTRA-DAY BREAKDOWN - 19/12/18
Welcome to another episode of our favourite show - bitcoin brought to you by FELIX!
Hi, guys.
I stated in my last BTC (finex) breakdown that I would be concentrating more on FINEX as it is a bullish price leader for BTC and most often we see the first signs of bullish activity on FINEX. This decision is mainly to do with the fact that I have been stating from last week that the ALTs should expect a pump next week (well now this week) and this pump theoretically needs to be driven by bitcoin, but I definitely was not sure about the upward capacity of BTC at the time, mainly due to the fact that I have had my bearish goggles on since 9k ATLEAST and this has fared very well for us as a team. 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.
WHAT CAN BE SEEN ON THE DAILY CHARTS FOR BTC ?
- On the daily chart for BTC (FINEX), we can see that BTC saw a rejection from the 4050$ price mark on finex and on our momentum indicator of RSI, we can see that we used the highlighted zone on RSI at 37 level as support on the daily (price was at 3150 on MEX at that point and I gave you guys the long call from 3150$ but thought that we would see traditional price action play out and we would see a rejection from 3427$ on MEX) and this led to a test of our previous support zone highlighted by the green box. None the less, RSI in most cases for BTC on the daily rarely ever breaks into overbought zone during this bear market.
- If we are to be overly bullish and take a look at the RSI/ROC momentum indicator on the daily time frame for BTC, we can see that RSI/ROC on the daily is much more bullish than RSI. Even if we were to drop slightly on BTC, we would find support pretty quickly (shown by the ascending blue line on RSI/ROC on the daily timeframe) and we would find support at the 53 level on daily RSI/ROC. This would go in line with intra-day price action that we see on smaller time frames such as 4 hour and 1 hour.
- You may be asking yourself, where do I see maximum upward movement ? Well, this is a good question because we can take a closer look at smaller time frames for bearish deviations but on the daily I believe bullish action is ultimately going to be MAXED OUT at 5200$ and this is where we meet previous support trend lines that we have previously fallen through at 4950$ and this led to a rapid meltdown to 3250$. BUT, most ultimately, 5200$ is where we meet the RED downtrend line, which has kept us bearish since 9k retest from 6k over summer 2018. Therefore, if 5200$ level is broken upwards, then the bulls have even more reason to celebrate. BUT, remember, this does not implicate or mean that BTC WILL GO ON TO TEST 5100$ BECAUSE THERE ARE MANY BARRIERS BEFORE THAT, WHICH COULD EASILY CAUSE MELTDOWN AGAIN AND WE WILL DISCUSS THIS FURTHER ON OUR INTERPRETATION OF THE SMALLER TIME FRAMES.
- 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.
- Looking at our momentum indicators on the daily charts, a upward rise to 4435$ would lead to RSI/ROC finding support at the indicated levels in line with the ascending trend lines drawn on this indicator for the daily and RSI/ROC will test 65 level on DAILY before seeing significant bearish activity driven by bitmex once again.
- Lastly, for the daily, it is also possible that we get wicks to as high as 4723$ in order to meet DTL properly and see significant rejection. IF this occurs then we can say that MEX will test previous MAJOR SUPPORT FLOOR OF 4382-4400$ before significant rejection to our downward targets.
- REGARDING THE POSSIBILITY OF OUR DOWNWARD TARGETS OF 1750$ IN THE END BEING ACHIEVED, THE MAIN BULL REGION TO BREAK WILL BE 2950-3.3K AND A BREAK OF THIS ZONE WILL MEAN ASCENDING SUPPORT TREND LINE ON PRICE CHART FOR DAILY, WHICH HAS HELD FROM THE BEGINNING WILL BE NEGLECTED.
WHAT CAN BE SEEN ON THE 4 HOURLY CHARTS FOR BTC ?
- On the 4 hourly charts for BTC (FINEX) we can see that we tested 4050$ (a previous price floor) and we saw a rejection from this zone. On the 4 hourly, we can see that EMA 200 is currently at 4150$ for finex, and on a 4 hourly open, we could see a wick up to this zone before rejection. This should wipe out a lot of fomo shorts if it does occur.
- None the less, on the 4 hourly, we can see that we are at somewhat of our first obstacle to obtain more upward momentum. A rejection from 4050-4150$ will lead to a downward meltdown to support at 3800$ for FINEX and support being found at 3610$ for MEX before any further upward action is possible. It is also possible that we drop below 3800$ and find actual support at 3750$ for FINEX. This should reset our smaller time frames to bullish zones on our momentum indicators. In addition, if this does occur, I would stay out of the short and instead wait for LONG opportunities at 3750$ and at this point, 4 hourly RSI/ROC will be at 56 level and this will be in line with ascending trend line on this indicator which has historically given support to price - which should give BTC the well needed pump to our upward targets of 4.4k for FINEX on a conservative level and 4.7k on a more risky bullish price level in order to properly meet DTL.
- IF SUPPORT IS NOT FOUND AT 3800$, THEN FROM A CONSERVATIVE STANDPOINT YOU CAN EXPECT FURTHER ACCEPTABLE MELTDOWN TO 3650$ AND UNTIL 3650$ IS BROKEN TO THE DOWNSIDE, THERE IS NO REAL BEARISH ACTIVITY. PLEASE DO NOT CONFUSE THIS WITH 3750$ AS THIS IS A MORE CONSERVATIVE ESTIMATE AND 3650$ IS MORE UNREALISTIC REALLY BUT STILL POSSIBLE TO PROVIDE SUPPORT AT THIS LEVEL.
WHAT CAN BE SEEN ON THE 1 HOURLY CHARTS FOR BTC ?
- As I stated on the 4 hourly breakdown, there is still a chance that we could see further wicks to the upside up until 4150$ before the bulls run out of real momentum. How is this validated on our 1 hourly chart ? Well, we can see that MA is being used as support on the latest one hour open at 3pm GMT and hour before close and a break above 4050$ on FINEx will cause a lot of fomo but we cannot take a bullish trade for now unless 4150$ is broken to the upside.
- 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$.
- None the less on the hourly, we can see that EMA is currently at 3500$ and will probably meet candle sticks to be used as support at 3650$. This should lead to 43 level on RSI/ROC being used as support for the next move to 4.4k for FINEX! For RSI, I would say on the hourly, we should eye up 37 level for support.
I WILL BE AT MY DESK TRADING ALL DAY, SO WILL GIVE INTRA-DAY CALLS FOR PRIORITY USERS ONCE THESE LEVEL ARE HIT OR REJECTED - WE DONT CHASE THE TRADE, WE LET THE TRADE COME TO US!
HAVE A GOOD DAY AND I HOPE IVE REDUCED YOUR FOMO ;)
PLEASE SEE RELATED IDEAS DOWN BELOW ;) & don't forget to stay up to date with our calls by following our Instagram and telegram channels down below AND ON OUR TRADINGVIEW PAGE - CALL AFTER CALL CORRECT!
Welcome to another episode of our favourite show - bitcoin brought to you by FELIX!
Hi, guys.
I stated in my last BTC (finex) breakdown that I would be concentrating more on FINEX as it is a bullish price leader for BTC and most often we see the first signs of bullish activity on FINEX. This decision is mainly to do with the fact that I have been stating from last week that the ALTs should expect a pump next week (well now this week) and this pump theoretically needs to be driven by bitcoin, but I definitely was not sure about the upward capacity of BTC at the time, mainly due to the fact that I have had my bearish goggles on since 9k ATLEAST and this has fared very well for us as a team. We will look at BTC price action from a top down perspective and see what all the fuss is about once again about clueless people screaming that its bull run per usual - BUT MANY A TIME THEY HAVE BEEN WRONG AND WE WILL EVALUATE THIS SITUATION PROPERLY SO WE DO NOT GET CAUGHT UP IN ANY FOMO DRIVEN PRICE ACTION.
WHAT CAN BE SEEN ON THE DAILY CHARTS FOR BTC ?
- On the daily chart for BTC (FINEX), we can see that BTC saw a rejection from the 4050$ price mark on finex and on our momentum indicator of RSI, we can see that we used the highlighted zone on RSI at 37 level as support on the daily (price was at 3150 on MEX at that point and I gave you guys the long call from 3150$ but thought that we would see traditional price action play out and we would see a rejection from 3427$ on MEX) and this led to a test of our previous support zone highlighted by the green box. None the less, RSI in most cases for BTC on the daily rarely ever breaks into overbought zone during this bear market.
- If we are to be overly bullish and take a look at the RSI/ROC momentum indicator on the daily time frame for BTC, we can see that RSI/ROC on the daily is much more bullish than RSI. Even if we were to drop slightly on BTC, we would find support pretty quickly (shown by the ascending blue line on RSI/ROC on the daily timeframe) and we would find support at the 53 level on daily RSI/ROC. This would go in line with intra-day price action that we see on smaller time frames such as 4 hour and 1 hour.
- You may be asking yourself, where do I see maximum upward movement ? Well, this is a good question because we can take a closer look at smaller time frames for bearish deviations but on the daily I believe bullish action is ultimately going to be MAXED OUT at 5200$ and this is where we meet previous support trend lines that we have previously fallen through at 4950$ and this led to a rapid meltdown to 3250$. BUT, most ultimately, 5200$ is where we meet the RED downtrend line, which has kept us bearish since 9k retest from 6k over summer 2018. Therefore, if 5200$ level is broken upwards, then the bulls have even more reason to celebrate. BUT, remember, this does not implicate or mean that BTC WILL GO ON TO TEST 5100$ BECAUSE THERE ARE MANY BARRIERS BEFORE THAT, WHICH COULD EASILY CAUSE MELTDOWN AGAIN AND WE WILL DISCUSS THIS FURTHER ON OUR INTERPRETATION OF THE SMALLER TIME FRAMES.
- 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.
- Looking at our momentum indicators on the daily charts, a upward rise to 4435$ would lead to RSI/ROC finding support at the indicated levels in line with the ascending trend lines drawn on this indicator for the daily and RSI/ROC will test 65 level on DAILY before seeing significant bearish activity driven by bitmex once again.
- Lastly, for the daily, it is also possible that we get wicks to as high as 4723$ in order to meet DTL properly and see significant rejection. IF this occurs then we can say that MEX will test previous MAJOR SUPPORT FLOOR OF 4382-4400$ before significant rejection to our downward targets.
- REGARDING THE POSSIBILITY OF OUR DOWNWARD TARGETS OF 1750$ IN THE END BEING ACHIEVED, THE MAIN BULL REGION TO BREAK WILL BE 2950-3.3K AND A BREAK OF THIS ZONE WILL MEAN ASCENDING SUPPORT TREND LINE ON PRICE CHART FOR DAILY, WHICH HAS HELD FROM THE BEGINNING WILL BE NEGLECTED.
WHAT CAN BE SEEN ON THE 4 HOURLY CHARTS FOR BTC ?
- On the 4 hourly charts for BTC (FINEX) we can see that we tested 4050$ (a previous price floor) and we saw a rejection from this zone. On the 4 hourly, we can see that EMA 200 is currently at 4150$ for finex, and on a 4 hourly open, we could see a wick up to this zone before rejection. This should wipe out a lot of fomo shorts if it does occur.
- None the less, on the 4 hourly, we can see that we are at somewhat of our first obstacle to obtain more upward momentum. A rejection from 4050-4150$ will lead to a downward meltdown to support at 3800$ for FINEX and support being found at 3610$ for MEX before any further upward action is possible. It is also possible that we drop below 3800$ and find actual support at 3750$ for FINEX. This should reset our smaller time frames to bullish zones on our momentum indicators. In addition, if this does occur, I would stay out of the short and instead wait for LONG opportunities at 3750$ and at this point, 4 hourly RSI/ROC will be at 56 level and this will be in line with ascending trend line on this indicator which has historically given support to price - which should give BTC the well needed pump to our upward targets of 4.4k for FINEX on a conservative level and 4.7k on a more risky bullish price level in order to properly meet DTL.
- IF SUPPORT IS NOT FOUND AT 3800$, THEN FROM A CONSERVATIVE STANDPOINT YOU CAN EXPECT FURTHER ACCEPTABLE MELTDOWN TO 3650$ AND UNTIL 3650$ IS BROKEN TO THE DOWNSIDE, THERE IS NO REAL BEARISH ACTIVITY. PLEASE DO NOT CONFUSE THIS WITH 3750$ AS THIS IS A MORE CONSERVATIVE ESTIMATE AND 3650$ IS MORE UNREALISTIC REALLY BUT STILL POSSIBLE TO PROVIDE SUPPORT AT THIS LEVEL.
WHAT CAN BE SEEN ON THE 1 HOURLY CHARTS FOR BTC ?
- As I stated on the 4 hourly breakdown, there is still a chance that we could see further wicks to the upside up until 4150$ before the bulls run out of real momentum. How is this validated on our 1 hourly chart ? Well, we can see that MA is being used as support on the latest one hour open at 3pm GMT and hour before close and a break above 4050$ on FINEx will cause a lot of fomo but we cannot take a bullish trade for now unless 4150$ is broken to the upside.
- 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$.
- None the less on the hourly, we can see that EMA is currently at 3500$ and will probably meet candle sticks to be used as support at 3650$. This should lead to 43 level on RSI/ROC being used as support for the next move to 4.4k for FINEX! For RSI, I would say on the hourly, we should eye up 37 level for support.
I WILL BE AT MY DESK TRADING ALL DAY, SO WILL GIVE INTRA-DAY CALLS FOR PRIORITY USERS ONCE THESE LEVEL ARE HIT OR REJECTED - WE DONT CHASE THE TRADE, WE LET THE TRADE COME TO US!
HAVE A GOOD DAY AND I HOPE IVE REDUCED YOUR FOMO ;)
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!
