Guys pay attention to the pivot points on the above chart.
Take note of the following:
1. Red line - Weekly Pivot Point ( WPP ) @9249.
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @9668.
3. Black line - Weekly Pivot Support 1 (WPS1) @8700.
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%.
TA is clearly indicating a down turn, massive Bear Div on the Daily for weeks now, Vol down hill since early May. Stocks looked topped out as Coronavirus cases explode in the US and the re-open is stalled.
BTC is not going up under these technical and fundamental conditions.
Crypto Damus (@AstroCryptoGuru)
As at the time of writing, BTC is trading below its Weekly Pivot Point ( WPP ).
First Scenario:
There is a likelihood that BTC would test its Weekly Pivot Support 1(WPS1) first.
If it does, price will bounce off WPS1 level and BTC could see some Demand at this level which will push price upward to WPP .
If BTC managed to close above its WPP , buyers would likely push price to WPR1.
Recommendation:
Take short entry at the current price level or set a sell limit order at the WPP to target WPS1.
Second Scenario:
Alternatively, if BTC managed to close above its WPP, buyers would likely push price to the WPR1.
Recommendation:
Take short entry at the WPR1 to target WPP and WPS1.
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 ) @9249.
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @9668.
3. Black line - Weekly Pivot Support 1 (WPS1) @8700.
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%.
TA is clearly indicating a down turn, massive Bear Div on the Daily for weeks now, Vol down hill since early May. Stocks looked topped out as Coronavirus cases explode in the US and the re-open is stalled.
BTC is not going up under these technical and fundamental conditions.
Crypto Damus (@AstroCryptoGuru)
As at the time of writing, BTC is trading below its Weekly Pivot Point ( WPP ).
First Scenario:
There is a likelihood that BTC would test its Weekly Pivot Support 1(WPS1) first.
If it does, price will bounce off WPS1 level and BTC could see some Demand at this level which will push price upward to WPP .
If BTC managed to close above its WPP , buyers would likely push price to WPR1.
Recommendation:
Take short entry at the current price level or set a sell limit order at the WPP to target WPS1.
Second Scenario:
Alternatively, if BTC managed to close above its WPP, buyers would likely push price to the WPR1.
Recommendation:
Take short entry at the WPR1 to target WPP and WPS1.
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:
Here's a quick update: BTC just tested its weekly pivot point, suggesting that it's the second scenario that's playing out first. However, BTC might not be able to extend this pump to its weekly pivot resistance 1 due to the fact that the monthly pivot point is right there before the WPR1.
Whatever the case is, this pump in BTC is for short building! I will be adding to short orders at those pivotal levels.
Whatever the case is, this pump in BTC is for short building! I will be adding to short orders at those pivotal levels.
