XBT INTRA-DAY BREAKDOWN - 29/10/19
WHAT HAS OCCURRED SINCE OUR LAST XBT (BITMEX) INTRA-DAY BREAKDOWN ?
The following conclusions were made on our last breakdown of BTC/USD (bitfinex) :
‘1. Bullish price action is capped to 8,800$.
2. A break of 7600$ will lead to a flash crash to 7176$ on BITFINEX and a break of this then leads to 6,854$, which we are certain will be met. Now if 6,854$ support is broken, which we do expect it to do so, then we melt to 6,250$ as a final frontier of support.
3. In the case that 6,250$ is broken, and essentially this is extremely likely because we broke major supporting fan structure at 7,600$ and this essentially will lead to the next support fan structure at 4,400$ - The next supporting fan structure lays at 4,400$. If this level is also negated and the bears are strong enough, the impossible (not really impossible but it will come as a shock to a lot of people) will occur with supports being found at 2,200$ after a break of 3,300$!
4. In the short term, price increases to 8500-8600$ will not be unusual and should be expected before bearish action resumes and this may occur after support being found at 8100-8150$ price levels.’
REVIEW :
Bullish price action was not in the end capped to 8,800 and we saw highs of 10,500$ created in the market.
As stated on our telegram channel, we saw price crash from 8,200$ to our target of 7,600$ and even further down to 7400$.
However, we did not see a break of 7176$ on Bitfinex and instead found support at 7400$ price level.
All in all, it seems as though we were completely wrong about the market in this instance and faced losses.
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 ?
Firstly, looking to our daily candlestick chart, we can see that we have tested the extended resistance trend line from 27th of June, which had knocked the price of XBT from highs of 13,200$ and has been used as a firm level of resistance since then. Now this trend line was used as resistance once again and the rejection came from highs of 10,080$. We can also see that the previous supporting trend line, which previously had kept price above the 9,018$ mark and had been broken around the 22nd September, is now in fact a resistance. Again we are going back to the concept of floors become ceilings once they are broken and in true style, this concept is holding true as this previous price floor is now acting as a resistance/ceiling. This gives us two trend line resistances currently. Moreover, if we look at the candlestick formations, we can see that we had a bullish daily candlestick engulfed and now we are below the trend line once again. We can see that EMA support currently stands at the 8600$ level and this is the next major price floor for bitcoin for the bulls to take back charge.
WHAT CAN WE SEE ON THE 4 HOURLY CHART FOR XBT ?
Taking a look at our candlestick chart on the 4 hourly, we can see that we are currently using MA’s as support around the 9300-9400$ level and we may get one last stop hunt to highs of 9600-9800$ before real bear activity begins in the market. Moreover, we can see that our EMA support lays bang on 8600$ and we marked this as a major support zone. In addition to this, we have to put importance on the fact that the previous resistance zone of 8,800$ will now become a price floor - this range fluctuates between the 8,800-8600$ price points as anywhere on this price region, we may gain support once again. None the less, I am adamant that we will break this to the downside even more so and see price trading at lows of 7300-400$ once again. All in all, I would say that from current price of 9400$, we will see a bearish move to the downside to a maximum price of 9018$ before bulls take back charge and take the price back to 9600$ once again and we should maintain a trading range between 9018$ and 9600$ before a major break to the downside to lows of 8600$, which was a previous price ceiling and now should be a temporary price floor (in fact the only thing stopping bitcoin and XBT from seeing lows of 7300-400$ as stated above.
WHAT CAN WE SEE ON THE 1 HOURLY CHARTS FOR XBT ?
On the hourly candlestick chart, we can see that currently xbt is seeing a price floor around the 9400$ level and MA’s are being used as support. Moreover, we can observe that we are coming towards the edge of the wedge which has held price. Now the wedge is showing that final support levels are at 9300$ and as low as 9200$ to factor in wicking. A break of 9300$ will lead to 9018$ once again and even more so to EMA support being met at 8,800$ and this is showing us a discontinuation of our initial observation that we would get stop hunts to as high as 9600$ (this is still a case but less likely now) before a break to the downside. Instead we should wait for a break of 9300$-9200$ and short there to the 9018$ and 8,800$ price levels. Now, if we were to measure the length of the wedge, we would realise that 8700-8800$ would in fact be our downward target after a break below 9300$ and this is in line with all the analysis that we have curated.
TO CONCLUDE:
9300-9200$ is the key zone to watch out for in case of a break and this will lead to price heading back towards 8,800$ and as low as 8600$.
Major bearish confirmation is given with a break to the downside of 9018$
Bullish price action needs to be held below 9600-9800$ for the bears to still stand a chance.
A break of 8600$ will lead to price resuming its bearish journey and this being all one big manipulation with price returning back down to 7400-7300$!
We are still eyeing up 4,400$ as the minimum major buy zone for BTC!
ENJOY AND I SHALL GIVE REALTIME ENTRY CALLS THROUGH THE WHOLE JOURNEY!
** PLEASE NOTE THAT THIS ANALYSIS IS IN A REDACTED FORM, AND FULL FORM FOR EDUCATIONAL PURPOSES CAN ONLY BE SEEN BY PAYING PRIORITY MEMBERS **
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 XBT (BITMEX) INTRA-DAY BREAKDOWN ?
The following conclusions were made on our last breakdown of BTC/USD (bitfinex) :
‘1. Bullish price action is capped to 8,800$.
2. A break of 7600$ will lead to a flash crash to 7176$ on BITFINEX and a break of this then leads to 6,854$, which we are certain will be met. Now if 6,854$ support is broken, which we do expect it to do so, then we melt to 6,250$ as a final frontier of support.
3. In the case that 6,250$ is broken, and essentially this is extremely likely because we broke major supporting fan structure at 7,600$ and this essentially will lead to the next support fan structure at 4,400$ - The next supporting fan structure lays at 4,400$. If this level is also negated and the bears are strong enough, the impossible (not really impossible but it will come as a shock to a lot of people) will occur with supports being found at 2,200$ after a break of 3,300$!
4. In the short term, price increases to 8500-8600$ will not be unusual and should be expected before bearish action resumes and this may occur after support being found at 8100-8150$ price levels.’
REVIEW :
Bullish price action was not in the end capped to 8,800 and we saw highs of 10,500$ created in the market.
As stated on our telegram channel, we saw price crash from 8,200$ to our target of 7,600$ and even further down to 7400$.
However, we did not see a break of 7176$ on Bitfinex and instead found support at 7400$ price level.
All in all, it seems as though we were completely wrong about the market in this instance and faced losses.
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 ?
Firstly, looking to our daily candlestick chart, we can see that we have tested the extended resistance trend line from 27th of June, which had knocked the price of XBT from highs of 13,200$ and has been used as a firm level of resistance since then. Now this trend line was used as resistance once again and the rejection came from highs of 10,080$. We can also see that the previous supporting trend line, which previously had kept price above the 9,018$ mark and had been broken around the 22nd September, is now in fact a resistance. Again we are going back to the concept of floors become ceilings once they are broken and in true style, this concept is holding true as this previous price floor is now acting as a resistance/ceiling. This gives us two trend line resistances currently. Moreover, if we look at the candlestick formations, we can see that we had a bullish daily candlestick engulfed and now we are below the trend line once again. We can see that EMA support currently stands at the 8600$ level and this is the next major price floor for bitcoin for the bulls to take back charge.
WHAT CAN WE SEE ON THE 4 HOURLY CHART FOR XBT ?
Taking a look at our candlestick chart on the 4 hourly, we can see that we are currently using MA’s as support around the 9300-9400$ level and we may get one last stop hunt to highs of 9600-9800$ before real bear activity begins in the market. Moreover, we can see that our EMA support lays bang on 8600$ and we marked this as a major support zone. In addition to this, we have to put importance on the fact that the previous resistance zone of 8,800$ will now become a price floor - this range fluctuates between the 8,800-8600$ price points as anywhere on this price region, we may gain support once again. None the less, I am adamant that we will break this to the downside even more so and see price trading at lows of 7300-400$ once again. All in all, I would say that from current price of 9400$, we will see a bearish move to the downside to a maximum price of 9018$ before bulls take back charge and take the price back to 9600$ once again and we should maintain a trading range between 9018$ and 9600$ before a major break to the downside to lows of 8600$, which was a previous price ceiling and now should be a temporary price floor (in fact the only thing stopping bitcoin and XBT from seeing lows of 7300-400$ as stated above.
WHAT CAN WE SEE ON THE 1 HOURLY CHARTS FOR XBT ?
On the hourly candlestick chart, we can see that currently xbt is seeing a price floor around the 9400$ level and MA’s are being used as support. Moreover, we can observe that we are coming towards the edge of the wedge which has held price. Now the wedge is showing that final support levels are at 9300$ and as low as 9200$ to factor in wicking. A break of 9300$ will lead to 9018$ once again and even more so to EMA support being met at 8,800$ and this is showing us a discontinuation of our initial observation that we would get stop hunts to as high as 9600$ (this is still a case but less likely now) before a break to the downside. Instead we should wait for a break of 9300$-9200$ and short there to the 9018$ and 8,800$ price levels. Now, if we were to measure the length of the wedge, we would realise that 8700-8800$ would in fact be our downward target after a break below 9300$ and this is in line with all the analysis that we have curated.
TO CONCLUDE:
9300-9200$ is the key zone to watch out for in case of a break and this will lead to price heading back towards 8,800$ and as low as 8600$.
Major bearish confirmation is given with a break to the downside of 9018$
Bullish price action needs to be held below 9600-9800$ for the bears to still stand a chance.
A break of 8600$ will lead to price resuming its bearish journey and this being all one big manipulation with price returning back down to 7400-7300$!
We are still eyeing up 4,400$ as the minimum major buy zone for BTC!
ENJOY AND I SHALL GIVE REALTIME ENTRY CALLS THROUGH THE WHOLE JOURNEY!
** PLEASE NOTE THAT THIS ANALYSIS IS IN A REDACTED FORM, AND FULL FORM FOR EDUCATIONAL PURPOSES CAN ONLY BE SEEN BY PAYING PRIORITY MEMBERS **
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!
