Guys, welcome to our Intra-day Breakdown on BTC following the break of our last ‘frontier of real support’ at 6066$. BTC price spiked to lows of 5426$ on Finex and support was found at this price and as clearly indicated in the chart above this is a MAJOR support currently on Finex. At the same time, we saw that MEX made lows of 5200$. Never the less, this post will focus on finex for reasons of price stability and it being the most reliable exchange in terms of pricing.
At the minute, Bitcoin lies just below intra-day resistance at 5686$ and MEX charts seem to be more bearish than they should be with momentum indicators clearly also at a resistance. In my honest opinion, I think the Mex bears will try to push price down to 5550$ on Finex and 5453$ on MEX. Thereafter, BTC should see support at these levels and continue on its journey to our target range of 5850-5950$. Especially, on the bigger time frames, we can see that the bears are running out of momentum to the downside temporarily and for us to even go to our downward targets of 4,400$ and 3,300$, we will need to see some upward pressure anyway.
The riskiest of you should look out for support around 5550$ on FINEX and then go long with respect to the rejection from support at 5550$. If you are a conservative trader, you will wait for a break of 5750-5790$ as these were the areas of most recent intra-day rejection. The two targets for this trade are 5850$ first and thereafter 5950$ as our second target for Finex. There is a chance we could go on to test highs of 6066$, especially on MEX if FINEX price does test 5950$ threshold. If you are to long BTC from 5550$ support then ensure that you place SL at 5425$. If you choose to long after the break of the intra-day resistance at 5750-5790$, then please ensure that you place SL at 5550$.
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