XBT INTRA-DAY UPDATE - 17/12/18
XBT INTRA-DAY UPDATE - 17/12/18
OUR MOST RECENT INTRA-DAY updates at 3610$ to open shorts till 3150$-3250$ WAS ACHIEVED! Moreover, once price was at 3300$, I made another update stating that we will probably see more bearish activity till 3150$ and at this price, we will be looking to open long positions again with the stated targets of 3300,3350 and finally 3427$.
Like the wizard I am, we saw this occur and essentially the rejection is now coming in at 3427$.
This is a new INTRA-DAY UPDATE and we will look at what to expect next for XBT, which is a futures product created by bitmex that is essentially controlled by the bearish cryptocurrency traders and XBT moves in line with BTC (finex), the other pair we focus heavily on from a bullish perspective as FINEX is a bullish price leader whereas MEX is a BEARISH PRICE LEADER.
What can we see on the hourly charts for XBT ?
- We can see that as expected we saw a rise to 3427$ and at this price, we saw the ceiling come into play once again. We can see that EMA 200 currently lies just below price at 3320$ on the hourly chart. We can also see that the nearest down trend line for major resistance is currently at 3610$ (another level we need to be eyeing up for further upward movement and a rejection as this is a clear resistance zone just like 3410$).
- None the less, with general bullish price action looking very fatigued and with most momentum indicators at oversold levels, I feel that a rejection from this 3427$ level is imminent. We will need to keep an eye out for support being used at 3320-3300$ as this was a previous resistance zone and now a price floor. We can see that on the hourly, RSI/ROC (the bottom indicator) is extremely oversold and looks like a wedge out resistance on this chart is coming to an end. We will probably see a drop to the blue line on RSI/ROC for further support and this lies at the 52 LEVEL for RSI/ROC. Moreover, we can also see that on RSI, we have slightly spiked above clear bearish territory indicated at 81 level but I see a drop to the 60 level for further support as a necessary step for the next move XBT/BTC has lined up.
- These drops in the short term will lead to 3300$-3250$ level, which was a previous price ceiling and now a price floor.
What can we see on the 4 hourly chart for XBT ?
- We can see that on the 4 hourly charts, just like the hourly charts, the bullish price action seems fatigued now that we are at the 3427$ ceiling. We stated in our previous INTRA-DAY breakdown for XBT that we should expect to see support at the 40 level for RSI/ROC and this was our indicator for a long entry on XBT. I also planned well ahead and stated that once we reach the 62 level on RSI/ROC, we should use this level as resistance in line with a price increase to 3427$. We can also see the black trend line on RSI/ROC, which was previously a support on the hourly charts and is now acting as a resistance - its important to note that this black trend line on RSI/ROC could be used as support till 3427$ once again to cause short REKTs on the hourly charts. None the less, on the 4 hourly charts, we can see that this black trend line on RSI/ROC is in fact a resistance in line with price and 62 level on RSI/ROC.
- Moreover, looking at our RSI momentum indicator we can see that the 81 level, which was suggested as a resistance to keep an eye out for shorts is holding up very well on the 4 hourly charts. We can expect a rejection from this level to 37-30 LEVEL for support and this should be in line with a drop back down to 3250$. Now we can deduce that this level should hold for the bulls as support and we could even get some slippage back down to 3200$ in essence.
What can we see on the DAILY chart for XBT ?
- On the daily charts, we can see that MA is currently being used as resistance but we can also see that downtrend line currently lies at 3610$ and bullish activity to this price will not occur instantly but only after price drops have occurred on the 4 hourly and 1 hourly zones to our bullish support zones on our price chart and momentum indicators. Therefore, what I currently have in mind is that the BITMEX bears will drop price back down to 3250$ and 3300$ at the minimum in order to use previous resistance/ceiling zones as price floors for increased upward momentum to a maximum price of 3610$ on MEX!
- We can also see that whatever bullish activity we receive will and should be considered a short squeeze and not a long term trend/ or even a medium term trend to the upside. We can see on our RSI/ROC indicator that we are near a breakout to the downside and our main focus should be to time our shorts to our next downward major targets of 2.1k,2800$ and most likely medium term support of 2950$.
What can we deduce from all this ?
- We should EXPECT a rejection from 3427$ for now but this may only occur after some sideway movement to highs of 3450$ as the hourly is currently at a brief but weak support.
- To the downside, following a rejection from 3427$, we can target 3300$ as our first target and 3250$ as our second target. This will allow us to create higher lows and also eventually lead to higher highs before a breakout to the downside at 3610$. Moreover, for any reliable short squeeze to 3610$ to occur then we must return to previous major support zones first.
ENSURE TO FOLLOW OUR INSTAGRAM PAGE DOWN BELOW AND CLICK THE LINK IN THE BIO FOR OUR FREE VIP CHANNEL TO STAY UP TO DATE!
OUR MOST RECENT INTRA-DAY updates at 3610$ to open shorts till 3150$-3250$ WAS ACHIEVED! Moreover, once price was at 3300$, I made another update stating that we will probably see more bearish activity till 3150$ and at this price, we will be looking to open long positions again with the stated targets of 3300,3350 and finally 3427$.
Like the wizard I am, we saw this occur and essentially the rejection is now coming in at 3427$.
This is a new INTRA-DAY UPDATE and we will look at what to expect next for XBT, which is a futures product created by bitmex that is essentially controlled by the bearish cryptocurrency traders and XBT moves in line with BTC (finex), the other pair we focus heavily on from a bullish perspective as FINEX is a bullish price leader whereas MEX is a BEARISH PRICE LEADER.
What can we see on the hourly charts for XBT ?
- We can see that as expected we saw a rise to 3427$ and at this price, we saw the ceiling come into play once again. We can see that EMA 200 currently lies just below price at 3320$ on the hourly chart. We can also see that the nearest down trend line for major resistance is currently at 3610$ (another level we need to be eyeing up for further upward movement and a rejection as this is a clear resistance zone just like 3410$).
- None the less, with general bullish price action looking very fatigued and with most momentum indicators at oversold levels, I feel that a rejection from this 3427$ level is imminent. We will need to keep an eye out for support being used at 3320-3300$ as this was a previous resistance zone and now a price floor. We can see that on the hourly, RSI/ROC (the bottom indicator) is extremely oversold and looks like a wedge out resistance on this chart is coming to an end. We will probably see a drop to the blue line on RSI/ROC for further support and this lies at the 52 LEVEL for RSI/ROC. Moreover, we can also see that on RSI, we have slightly spiked above clear bearish territory indicated at 81 level but I see a drop to the 60 level for further support as a necessary step for the next move XBT/BTC has lined up.
- These drops in the short term will lead to 3300$-3250$ level, which was a previous price ceiling and now a price floor.
What can we see on the 4 hourly chart for XBT ?
- We can see that on the 4 hourly charts, just like the hourly charts, the bullish price action seems fatigued now that we are at the 3427$ ceiling. We stated in our previous INTRA-DAY breakdown for XBT that we should expect to see support at the 40 level for RSI/ROC and this was our indicator for a long entry on XBT. I also planned well ahead and stated that once we reach the 62 level on RSI/ROC, we should use this level as resistance in line with a price increase to 3427$. We can also see the black trend line on RSI/ROC, which was previously a support on the hourly charts and is now acting as a resistance - its important to note that this black trend line on RSI/ROC could be used as support till 3427$ once again to cause short REKTs on the hourly charts. None the less, on the 4 hourly charts, we can see that this black trend line on RSI/ROC is in fact a resistance in line with price and 62 level on RSI/ROC.
- Moreover, looking at our RSI momentum indicator we can see that the 81 level, which was suggested as a resistance to keep an eye out for shorts is holding up very well on the 4 hourly charts. We can expect a rejection from this level to 37-30 LEVEL for support and this should be in line with a drop back down to 3250$. Now we can deduce that this level should hold for the bulls as support and we could even get some slippage back down to 3200$ in essence.
What can we see on the DAILY chart for XBT ?
- On the daily charts, we can see that MA is currently being used as resistance but we can also see that downtrend line currently lies at 3610$ and bullish activity to this price will not occur instantly but only after price drops have occurred on the 4 hourly and 1 hourly zones to our bullish support zones on our price chart and momentum indicators. Therefore, what I currently have in mind is that the BITMEX bears will drop price back down to 3250$ and 3300$ at the minimum in order to use previous resistance/ceiling zones as price floors for increased upward momentum to a maximum price of 3610$ on MEX!
- We can also see that whatever bullish activity we receive will and should be considered a short squeeze and not a long term trend/ or even a medium term trend to the upside. We can see on our RSI/ROC indicator that we are near a breakout to the downside and our main focus should be to time our shorts to our next downward major targets of 2.1k,2800$ and most likely medium term support of 2950$.
What can we deduce from all this ?
- We should EXPECT a rejection from 3427$ for now but this may only occur after some sideway movement to highs of 3450$ as the hourly is currently at a brief but weak support.
- To the downside, following a rejection from 3427$, we can target 3300$ as our first target and 3250$ as our second target. This will allow us to create higher lows and also eventually lead to higher highs before a breakout to the downside at 3610$. Moreover, for any reliable short squeeze to 3610$ to occur then we must return to previous major support zones first.
ENSURE TO FOLLOW OUR INSTAGRAM PAGE DOWN BELOW AND CLICK THE LINK IN THE BIO FOR OUR FREE VIP CHANNEL TO STAY UP TO DATE!
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