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!
