BTC: what Pivot Traders might be thinking
Updated
BTC has had a great bull run.
Blew through a lot of technical ''ceilings''.
Just knocked into Weekly R2 pivot.
Usually the top for that week... usually.....
But the Monthly M3 + Weekly R1 pair might need retesting.
But that Monthly R2 at 10.2k is looking very juicy, filled with tasty short stops.
Let see how this goes, am not that confident since pullbacks seem to be out of style all of a sudden :)
Blew through a lot of technical ''ceilings''.
Just knocked into Weekly R2 pivot.
Usually the top for that week... usually.....
But the Monthly M3 + Weekly R1 pair might need retesting.
But that Monthly R2 at 10.2k is looking very juicy, filled with tasty short stops.
Let see how this goes, am not that confident since pullbacks seem to be out of style all of a sudden :)
Note
I completely forgot about the DAILY pivots in above chart. Added them later, and check this out:
Monthly M3 and Weekly R1 slowed the retrace, and Daily S1 bounced it (for now). If one traded ONLY with pivots, one could make money. Oh wait, Pit traders used only this, and to this day Stock and FX traders swear by them.
Note
Got a few points on scalps off the lines, but lost a few also.Now looking at Plan B
Note
It is VERY common for the R2 to be the top for the week.And if that happens, the central pivot is very often touched.
This happens in all markets: stocks, forex, and now crypto more and more often.
Note
Lets see if we can break the R2 this week, just need get past the double pivots above which have clearly been respected from both sides Note
Pivot Battle continues.But new weekly pivot in 24 hrs.
Jockey for position before then.
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