Guys pay attention to the pivot points on the above chart.
Take note of the following:
1. Red line - Weekly Pivot Point ( WPP ) @9260.
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @9619.
3. Black line - Weekly Pivot Support 1 (WPS1) @8923.
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 above its Weekly Pivot Point ( WPP ).
There is a likelihood that BTC would test its Weekly Pivot Resistance 1(WPR1) first.
If it does, price will bounce off WPR1 level and BTC could see some supply at this level which will push price downward to WPP .
If BTC managed to close below its WPP, sellers would likely push price to WPS1.
I recommend taking short entry at the WPR1 price level to target WPP and WPS1.
Alternatively, if BTC is being dumped at its current price level (i.e. before it gets to WPR1) it will be a perfect long entry to target WPR1.
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 ) @9260.
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @9619.
3. Black line - Weekly Pivot Support 1 (WPS1) @8923.
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 above its Weekly Pivot Point ( WPP ).
There is a likelihood that BTC would test its Weekly Pivot Resistance 1(WPR1) first.
If it does, price will bounce off WPR1 level and BTC could see some supply at this level which will push price downward to WPP .
If BTC managed to close below its WPP, sellers would likely push price to WPS1.
I recommend taking short entry at the WPR1 price level to target WPP and WPS1.
Alternatively, if BTC is being dumped at its current price level (i.e. before it gets to WPR1) it will be a perfect long entry to target WPR1.
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:
BTC traded in our anticipated direction, and that was quite fast!
Short entries have also been filled at WPR1.
Short entries have also been filled at WPR1.
Trade active:
BTC on a journey to its WPP, having tested its WPR1, as expected!
Trade closed: target reached:
And BTC did it! BTC just tested its WPP price level!!
Trade closed: target reached:
Second target reached! Attention now shift to the Monthly Pivot Support 1(Red line).
