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 July.
Currently, BTC is trading below its Monthly Pivot Point (the red line on the chart). This suggests that, we can expect price to test this price level before the month ends.
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 probability of touching the Monthly Pivot Point by the market during the month is 70-80%.
Let me bring to your notice that the bias in the BTC market changed to bearish since the month of May, 2020. And as long as this bearish bias remains, I will not not change my bearish view on BTC.
Here's how I plan to trade the prevailing sentiment in the BTC market throughout the month of July:
1. I will short BTC at the MPP and target the MPS1 (the black line on the chart).
2. I will long BTC at the MPS1 and target the MPP.
Note:
1. If BTC is pumped to its MPP first during the month, BTC could be hit by a massive sell orders at this price level to the WPS1 and below.
2. If BTC continues to trade in its downward movement at the current price level, we can expect a bounce at the MPS1.
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 July.
Currently, BTC is trading below its Monthly Pivot Point (the red line on the chart). This suggests that, we can expect price to test this price level before the month ends.
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 probability of touching the Monthly Pivot Point by the market during the month is 70-80%.
Let me bring to your notice that the bias in the BTC market changed to bearish since the month of May, 2020. And as long as this bearish bias remains, I will not not change my bearish view on BTC.
Here's how I plan to trade the prevailing sentiment in the BTC market throughout the month of July:
1. I will short BTC at the MPP and target the MPS1 (the black line on the chart).
2. I will long BTC at the MPS1 and target the MPP.
Note:
1. If BTC is pumped to its MPP first during the month, BTC could be hit by a massive sell orders at this price level to the WPS1 and below.
2. If BTC continues to trade in its downward movement at the current price level, we can expect a bounce at the MPS1.
Do show some love by giving my idea a like if you find it useful.
Thank you.
Comment:
Guys, BTC could be on its way to testing its MPP! Although, there was a failed attempt to close above its WPP; BTC could fiercely breakout of this level in its second attempt. I'm expecting the biggest dump above the MPP, though.
Trade active:
BTC has tested its MPP, as expected. I have already positioned myself for the incoming massive dump!
Trade active:
Hey guys! We have seen BTC continued its dump going forward in the month, we can expect price at the MPS1.
