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This idea is suitable for intraday traders, a swing trader might not fall in love for it.
I'm expecting
BTC to trade downward on 10/04/2020 to $7,147.6 - $7,100 price area which represent the Daily Pivot Support 1 (DPS1).
I will place a sell order at a higher price above the Daily Pivot Point (DPP), because buyers will make effort to push price to the Daily Pivot Resistance 1 at $7,420. And of course, going by the pivotal estimation of the market sentimentBTC can't trade above its Weekly Pivot Resistance 1 (WPR1) at $7,345 of which price has already tested three times this week alone. This further emphasize how strong that resistance level is. Thus, WPR1 can provide a good entry point for sell order as an aggressive trade order.
However, for a conservative trade order sell order could be opened at or below the Daily Pivot point.
I shall provide update to this idea as events unfold itself going forward.
Thanks for reading.
This idea is suitable for intraday traders, a swing trader might not fall in love for it.
I'm expecting
BTC to trade downward on 10/04/2020 to $7,147.6 - $7,100 price area which represent the Daily Pivot Support 1 (DPS1).I will place a sell order at a higher price above the Daily Pivot Point (DPP), because buyers will make effort to push price to the Daily Pivot Resistance 1 at $7,420. And of course, going by the pivotal estimation of the market sentiment
BTC can't trade above its Weekly Pivot Resistance 1 (WPR1) at $7,345 of which price has already tested three times this week alone. This further emphasize how strong that resistance level is. Thus, WPR1 can provide a good entry point for sell order as an aggressive trade order.However, for a conservative trade order sell order could be opened at or below the Daily Pivot point.
I shall provide update to this idea as events unfold itself going forward.
Thanks for reading.
Note
This is an update to the above idea.I wish to add that a pending order could be set at DPR1, in case buyers succeeded in pushing price to that level and first target could be set at DPP and second target at DPS1.
This is another conservative angle to trade this setup.
By experience,
BTC usually see a massive selloff anytime price tests the PR1.Note
Trade idea concluded.BTC traded downward to the targeted price level, as expected.If you took this trade, I congratulate you.
Note: If you set a pending order at the DPR1, you must cancel it now.
Cheers.
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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.