Guys pay attention to the pivot points on the above chart.
Take note of the following:
1. Red line - Weekly Pivot Point ( WPP ) @8971.3
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @9833.7
3. Black line - Weekly Pivot Support 1 (WPS1) @7868.7
It should be noted that the market usually trades pivot points during the period with a probability of around 70-80%. It means that the probability of touching the weekly pivot point by the market during the week is 70-80%.
As at the time of writing, the price of BTC stands below its Weekly Pivot Point. Now, two things could happen:
1. BTC continues to trade downward, from the current price.
2. BTC moves upward from the current price to test its WPP.
Hence, if you're planing to trade BTC this week allow the price to tend toward its Daily Pivot Point at 8802 (note, this line is not shown on the chart) to short BTC; otherwise you could short BTC once you notice any sign of weakness in price going forward.
If BTC breaks its DPP when testing this level, you will probably get a much better entry point, around the WPP price level.
Recall that, in my idea of Monthly Pivotal levels I did mentioned that BTC price has been overshot as indicated by the two oscillators on my chart. Thus, I maintain my bearish view on BTC this week.
Whichever level you short BTC, our weekly target is at WPS1.
Don't forget to leave a comment and give a like.
Thanks for reading, and may the pips be with you all.
Take note of the following:
1. Red line - Weekly Pivot Point ( WPP ) @8971.3
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @9833.7
3. Black line - Weekly Pivot Support 1 (WPS1) @7868.7
It should be noted that the market usually trades pivot points during the period with a probability of around 70-80%. It means that the probability of touching the weekly pivot point by the market during the week is 70-80%.
As at the time of writing, the price of BTC stands below its Weekly Pivot Point. Now, two things could happen:
1. BTC continues to trade downward, from the current price.
2. BTC moves upward from the current price to test its WPP.
Hence, if you're planing to trade BTC this week allow the price to tend toward its Daily Pivot Point at 8802 (note, this line is not shown on the chart) to short BTC; otherwise you could short BTC once you notice any sign of weakness in price going forward.
If BTC breaks its DPP when testing this level, you will probably get a much better entry point, around the WPP price level.
Recall that, in my idea of Monthly Pivotal levels I did mentioned that BTC price has been overshot as indicated by the two oscillators on my chart. Thus, I maintain my bearish view on BTC this week.
Whichever level you short BTC, our weekly target is at WPS1.
Don't forget to leave a comment and give a like.
Thanks for reading, and may the pips be with you all.
Trade active:
My entry got filled above the WPP, my target remains WPS1. Congratulations to those who followed this trade idea.
Comment:
I recommend setting limit order(s) at pivot point level so as not to miss the required entry price.
Trade active:
I'm holding on to my short order. The WPP has proved to be a very strong resistance level, as it constantly kept buyer in check.
I'm expecting the bear to take over from here, and run things downward.
I'm expecting the bear to take over from here, and run things downward.
Trade active:
BTC now target WPR1 as price is well above WPP. I have set a sell limit order above WPR1, as I'm expecting BTC to fail at this level.
Trade active:
BTC moved upward as expected, also my sell order got filled. Hopefully BTC follows our bearish movement as predicted.