BTC moved aggressively to test and breakout from its Weekly Pivot Resistance 1, and further advanced to test it Weekly Pivot Resistance 2 at 7617, having bounce off from its Weekly Pivot Point on Wednesday 22nd April, 2020.One of the tenets of Pivot Point techniques is that:
"if on downward trend price moves above Pivot point, the next destination is Pivot Resistance 1. It is treated that trend still intact, until Pivot Resistance 1 holds price, but breakout of Pivot Resistance 1 will be early sign of trend reversal. The same is true for upward trend, but on Pivot Support 1."
In view of the above tenet, BTC has just witnessed a change in trend. BTC trend currently in an upward movement.
So, in your analysis always look forward to buy BTC. That's, every pullback is an opportunity to buy BTC.
Trade safely!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.