Happy New Month to everyone!
Guys let's pay attention to this month pivotal levels, in order to have a clue to the prevailing bias in the BTC market for the whole month of May.
The application of Pivot Point to BTC trading during the month of April gave us an insight about price action in the month of April.
Currently, BTC upside is being limited by the April MPR1 at 9075 due to the fact that there were a lot of sell limit orders above this pivotal level.
This month, BTC could be hit by a massive selloff going forward. This is due to the fact that BTC buying is already overshoot, as indicated by those 2 indicators on the chart above.
BTC could however, be traded upward during the first and second week as price is currently above this month pivot point.
The application of Pivot point technique will enable us to have a hint of where this upside could reach before finally trading downward.
If the current upside movement in BTC continued, it would be limited by the Monthly Pivot Resistance 1 (MPR1). And if BTC could be dumped at the current price level, it would be limited by the Monthly Pivot Point (MPP).
BTC should then see a renewed buying pressure at MPP, if this level holds buyers will push the price of BTC to MPR1. On other hand, if MPP could not hold BTC then sellers could continue dumping towards the Monthly Pivot Support 1.
In the main time, I will continue to buy BTC at the Daily Pivot Point on the lower time frame until there's a confirmation that the current bullish bias in BTC has changed.
Note:
RED LINE - MPP @ 8138.9
PURPLE LINE - MPR1 @ 10106.6
BLACK LINE - MPS1 @ 6847.4
Do show some love by giving my idea a like if you find it useful.
Thank you.
Guys let's pay attention to this month pivotal levels, in order to have a clue to the prevailing bias in the BTC market for the whole month of May.
The application of Pivot Point to BTC trading during the month of April gave us an insight about price action in the month of April.
Currently, BTC upside is being limited by the April MPR1 at 9075 due to the fact that there were a lot of sell limit orders above this pivotal level.
This month, BTC could be hit by a massive selloff going forward. This is due to the fact that BTC buying is already overshoot, as indicated by those 2 indicators on the chart above.
BTC could however, be traded upward during the first and second week as price is currently above this month pivot point.
The application of Pivot point technique will enable us to have a hint of where this upside could reach before finally trading downward.
If the current upside movement in BTC continued, it would be limited by the Monthly Pivot Resistance 1 (MPR1). And if BTC could be dumped at the current price level, it would be limited by the Monthly Pivot Point (MPP).
BTC should then see a renewed buying pressure at MPP, if this level holds buyers will push the price of BTC to MPR1. On other hand, if MPP could not hold BTC then sellers could continue dumping towards the Monthly Pivot Support 1.
In the main time, I will continue to buy BTC at the Daily Pivot Point on the lower time frame until there's a confirmation that the current bullish bias in BTC has changed.
Note:
RED LINE - MPP @ 8138.9
PURPLE LINE - MPR1 @ 10106.6
BLACK LINE - MPS1 @ 6847.4
Do show some love by giving my idea a like if you find it useful.
Thank you.
Comment:
Our pivot point analysis is playing out already guys! I hope you're following it?
Trade active:
BTC: Once the Monthly Pivot Point (MPP) is broken, next target is Monthly Pivot Support 1(MPS1).
Comment:
Lest I forget: I don't have any buy orders opened anymore. I have turned bearish on BTC.
Trade active:
Guys go over my idea again, BTC eventually sold off after 2 weeks of calling this selloff!
