Bitcion Pivotal Levels: July 6 - July 12, 2020
Updated
Guys pay attention to the pivot points on the above chart.
Take note of the following:
1. Red line - Weekly Pivot Point ( WPP ) @9094.
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @9283.
3. Black line - Weekly Pivot Support 1 (WPS1) @8888.
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 is trading below its Weekly Pivot Point ( WPP ), but price is very closed to the WPP level.
There are two possible scenario surrounding BTC movement:
First Scenario:
There is a likelihood that BTC would be dumped after testing its Weekly Pivot Point (WPP), due to the prevailing selling pressure on the LTF.
If the above happened, price would find a relief support at the WPS1 and bounce off this level quickly.
Second Scenario:
There is also a likelihood that BTC would breakout and trade above its Weekly Pivot Point (WPP), owing to the fact that the upward journey that the RSI began from its oversold level a week ago; still continues.
If the above holds, BTC will be pushed to its WPR1 and beyond.
Recommendation:
1. Take short entry at the WPP to target WPS1, if you observe a price rejection at this level.
2. Take long entry at the WPS1 to target WPP.
3. Take long entry at the WPP to target WPR1, at the re-test of this level.
4. Take short entry at the WPR1 to 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.
Take note of the following:
1. Red line - Weekly Pivot Point ( WPP ) @9094.
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @9283.
3. Black line - Weekly Pivot Support 1 (WPS1) @8888.
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 is trading below its Weekly Pivot Point ( WPP ), but price is very closed to the WPP level.
There are two possible scenario surrounding BTC movement:
First Scenario:
There is a likelihood that BTC would be dumped after testing its Weekly Pivot Point (WPP), due to the prevailing selling pressure on the LTF.
If the above happened, price would find a relief support at the WPS1 and bounce off this level quickly.
Second Scenario:
There is also a likelihood that BTC would breakout and trade above its Weekly Pivot Point (WPP), owing to the fact that the upward journey that the RSI began from its oversold level a week ago; still continues.
If the above holds, BTC will be pushed to its WPR1 and beyond.
Recommendation:
1. Take short entry at the WPP to target WPS1, if you observe a price rejection at this level.
2. Take long entry at the WPS1 to target WPP.
3. Take long entry at the WPP to target WPR1, at the re-test of this level.
4. Take short entry at the WPR1 to 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
It seems the second scenario is playing out here. I was able to long BTC from 8930, though.Trade active
BTC nearing its WPR1! If we see a sustainable price growth above this level, BTC could reach its MPP @9466. On the other hand, if price failed at this level BTC could be dumped hard to its WPP and by extension to its WPS1.Trade active
BTC just tested its MPP, as expected. But hey, are you ready for a massive dump? I have closed all buy orders, and set sell limit orders at prices above the MPP.Trade active
I have shorted BTC based on that doji candle and the RSI that formed double top!
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