BTC: Monthly Pivotal Levels
Updated
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 September.
It should be noted that the BTC bullish bias has continued to impact the BTC market, making it to trend upwardly. However, there's the likelihood that such upward movement would be halted at 12500 as there are confluence of pivot levels at this price area.
Currently, BTC is trading above its Monthly Pivot Point (the red line on the chart), having tested this price level during the early trading sessions of the day.
BTC has just fulfilled the proposition that state that, "market usually trades Pivot Points during the period with a probability of around 70-80%".
The following scenarios are possible on the Daily chart for the month of September:
1. If the MPP continued to provide support to price, BTC could reach MPR1 (the Purple line on the chart).
2. If BTC failed to break its MPR1 as anticipated, the MPP price level could be revisited.
3. If BTC break its MPP price level, then we expect BTC to trade downward to MPS1.
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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 September.
It should be noted that the BTC bullish bias has continued to impact the BTC market, making it to trend upwardly. However, there's the likelihood that such upward movement would be halted at 12500 as there are confluence of pivot levels at this price area.
Currently, BTC is trading above its Monthly Pivot Point (the red line on the chart), having tested this price level during the early trading sessions of the day.
BTC has just fulfilled the proposition that state that, "market usually trades Pivot Points during the period with a probability of around 70-80%".
The following scenarios are possible on the Daily chart for the month of September:
1. If the MPP continued to provide support to price, BTC could reach MPR1 (the Purple line on the chart).
2. If BTC failed to break its MPR1 as anticipated, the MPP price level could be revisited.
3. If BTC break its MPP price level, then we expect BTC to trade downward to MPS1.
Do show some love by giving my idea a like if you find it useful.
Thank you.
Trade closed: target reached
BTC reversed direction and quickly dumped to its MPP and breaking down to its MPS1. If Sellers are able to break the MPS1, BTC will be dumped to its MPS2 @9650. I will be strongly bullish at MPS2.
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