Guys pay attention to the pivot points on the above chart.
Take note of the following:
1. Red line - Weekly Pivot Point ( WPP ) @9264
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @10347
3. Black line - Weekly Pivot Support 1 (WPS1) @8583
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 above its Weekly Pivot Point(WPP), and has already tested its Daily Pivot Resistance 1(DPR1). Thus, the probability of price testing the BTC WPP is high.
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.
Entry Strategy:
Short BTC from it current price and take profit first at the WPP and then take profit second at WPS1.
Don't get trapped by the bear, always trade safe.
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 ) @9264
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @10347
3. Black line - Weekly Pivot Support 1 (WPS1) @8583
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 above its Weekly Pivot Point(WPP), and has already tested its Daily Pivot Resistance 1(DPR1). Thus, the probability of price testing the BTC WPP is high.
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.
Entry Strategy:
Short BTC from it current price and take profit first at the WPP and then take profit second at WPS1.
Don't get trapped by the bear, always trade safe.
Don't forget to leave a comment and give a like.
Thanks for reading, and may the pips be with you all.
Trade active:
BTC is gradually giving in to the bear! Trade safely guys.
Trade active:
Bitcoin just hit our first target(WPP) as stated in the trade idea. Next target now, is WPS1. If you're yet to short BTC, you still have opportunity to do so now.
Comment:
9581 would be a good entry level to short BTC if you missed the initial breakout.
Trade active:
If BTC price stabilized below the WPP as it goes to retest this level, BTC would drop to WPS1.
Trade active:
It seems our second target will be hit today, being the last day of the week.
