Bitcion Pivotal Levels: January 25 - January 31, 2021
Hello and Happy New Year to everyone! You will be able to read my trade idea now, after a long period of break. Cheer!!
So, pay attention to the pivot points on the above chart.
Take note of the following:
1. Red line - Weekly Pivot Point ( WPP ).
2. Purple line - Weekly Pivot Resistance 1 (WPR1).
3. White line - Weekly Pivot Support 1 (WPS1).
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, BTC has already tested its Weekly Pivot Point ( WPP ).
The directional bias in the BTC market favour short trade in the medium term. This is due to the fact that market is still targeting the Yearly Pivot Point (YPP) at $20,714, having failed at the Yearly Pivot Resistance 1 (YPR1) at the price of $37,579.
If BTC maintained its bearish bias and price falls back below its WPP , price would target WPS1.
On the other hand, if BTC price stabilized above its WPP and traded upward, price would target WPP .
I will love to read your comments on what your thoughts are regarding my idea on BTC , and do show your love by hitting the like button.
Thanks for reading, and may the pips be with you all.
So, pay attention to the pivot points on the above chart.
Take note of the following:
1. Red line - Weekly Pivot Point ( WPP ).
2. Purple line - Weekly Pivot Resistance 1 (WPR1).
3. White line - Weekly Pivot Support 1 (WPS1).
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, BTC has already tested its Weekly Pivot Point ( WPP ).
The directional bias in the BTC market favour short trade in the medium term. This is due to the fact that market is still targeting the Yearly Pivot Point (YPP) at $20,714, having failed at the Yearly Pivot Resistance 1 (YPR1) at the price of $37,579.
If BTC maintained its bearish bias and price falls back below its WPP , price would target WPS1.
On the other hand, if BTC price stabilized above its WPP and traded upward, price would target WPP .
I will love to read your comments on what your thoughts are regarding my idea on BTC , and do show your love by hitting the like button.
Thanks for reading, and may the pips be with you all.
Trade active:
BTC behaving as expected:
