Guys pay attention to the pivot points on the above chart.
Take note of the following:
1. Red line - Weekly Pivot Point ( WPP ) @9278
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @9926
3. Black line - Weekly Pivot Support 1 (WPS1) @8798
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, the price of BTC stands above its Weekly Pivot Point ( WPP ). In view of the above postulation of price action in relation to the Pivot Point ( PP ), the probability of BTC testing its WPP is very much high.
From the above chart, it can be observed that RSI plunged into oversold area forcing the price of BTC to trade upwardly from below the last week's Pivot Point level. Now, RSI has reached the overbought area and even moving away already.
The following can be expected this week, based on Price Action:
1. If the price continue to trade upwardly, it will get to WPR1 and the RSI could revisit the overbought area.
2. If price starts dropping from its current level, it will reach the WPP; given that RSI will continue its downward movement.
3. If price is able to break WPP, and stabilize below this level it will reach WPS1; forcing the RSI to plunge back into the oversold area.
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 ) @9278
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @9926
3. Black line - Weekly Pivot Support 1 (WPS1) @8798
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, the price of BTC stands above its Weekly Pivot Point ( WPP ). In view of the above postulation of price action in relation to the Pivot Point ( PP ), the probability of BTC testing its WPP is very much high.
From the above chart, it can be observed that RSI plunged into oversold area forcing the price of BTC to trade upwardly from below the last week's Pivot Point level. Now, RSI has reached the overbought area and even moving away already.
The following can be expected this week, based on Price Action:
1. If the price continue to trade upwardly, it will get to WPR1 and the RSI could revisit the overbought area.
2. If price starts dropping from its current level, it will reach the WPP; given that RSI will continue its downward movement.
3. If price is able to break WPP, and stabilize below this level it will reach WPS1; forcing the RSI to plunge back into the oversold area.
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 tested WPP as well as MPP. If price stabilize below this level, BTC price will reach WPS1. Note that BTC broke through the WPR1 to test the MPR1. This is currently giving a cap to BTC upward movement.
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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.