BTC: Monthly Pivotal Levels
Happy New Month 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 August.
BTC bias have changed from bearish to bullish during the trading sessions last month, thereby pushing BTC price to the 12k mark on the 2nd of August.
Currently, BTC is trading above its Monthly Pivot Point (the red line on the chart), having failed to reach its MPR1 while trading upwardly. This failure then forced BTC to test its MPP however, BTC met a sharp buy back at the MPP price level.
According to the principle of Pivot Point techniques, market usually trades Pivot Points during the period with a probability of around 70-80%. Hence, the testing of the Monthly Pivot Point by the market became possible.
The following scenarios are possible on the monthly chart for the month of August:
1. If the MPP continued to provide support to price, BTC could reach MPR1 (the Purple line on the chart).
2. If the MPP price level could be breached and BTC price got stabilized below this level, BTC could target its MPS1 (the Black line on the chart).
Do show some love by giving my idea a like if you find it useful.
Thank you.
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 August.
BTC bias have changed from bearish to bullish during the trading sessions last month, thereby pushing BTC price to the 12k mark on the 2nd of August.
Currently, BTC is trading above its Monthly Pivot Point (the red line on the chart), having failed to reach its MPR1 while trading upwardly. This failure then forced BTC to test its MPP however, BTC met a sharp buy back at the MPP price level.
According to the principle of Pivot Point techniques, market usually trades Pivot Points during the period with a probability of around 70-80%. Hence, the testing of the Monthly Pivot Point by the market became possible.
The following scenarios are possible on the monthly chart for the month of August:
1. If the MPP continued to provide support to price, BTC could reach MPR1 (the Purple line on the chart).
2. If the MPP price level could be breached and BTC price got stabilized below this level, BTC could target its MPS1 (the Black line on the chart).
Do show some love by giving my idea a like if you find it useful.
Thank you.
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