Guys pay attention to the pivot points on the above chart.
Take note of the following:
1. Red line - Weekly Pivot Point ( WPP ) @9118
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @9567
3. Black line - Weekly Pivot Support 1 (WPS1) @8270
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 below 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.
Recall that, in my idea of Monthly Pivotal levels I did mentioned that BTC price has been overshot as indicated by the two oscillators on my chart. Thus, I maintain my bearish view on BTC this week.
Entry Strategy:
First Entry: Short BTC at or above its WPP. I recommend using a pending order limit, in order not to miss the best entry price level.
Second Entry: Short BTC at 9300s price level. This is because there's a small CME gap at this price level, and buyers would likely want to push price to fill that gap. And as a pivot point position trader, it's an opportunity to sell BTC at a high price.
Target Level:
First Target: WPS1
Second Target: MPP (see related idea)
It should be noted that our big picture is in the Monthly Pivot Point Analysis, thus it's very important to take the MPP into consideration!
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 ) @9118
2. Purple line - Weekly Pivot Resistance 1 (WPR1) @9567
3. Black line - Weekly Pivot Support 1 (WPS1) @8270
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 below 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.
Recall that, in my idea of Monthly Pivotal levels I did mentioned that BTC price has been overshot as indicated by the two oscillators on my chart. Thus, I maintain my bearish view on BTC this week.
Entry Strategy:
First Entry: Short BTC at or above its WPP. I recommend using a pending order limit, in order not to miss the best entry price level.
Second Entry: Short BTC at 9300s price level. This is because there's a small CME gap at this price level, and buyers would likely want to push price to fill that gap. And as a pivot point position trader, it's an opportunity to sell BTC at a high price.
Target Level:
First Target: WPS1
Second Target: MPP (see related idea)
It should be noted that our big picture is in the Monthly Pivot Point Analysis, thus it's very important to take the MPP into consideration!
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 has traded above our first entry level, that's WPP. You may initiate your first order here or wait and initiate all at 9300.Trade active
First entry initiated: I short BTC at 9152.Trade active
Second Entry initiated: Shorting BTC at 9356.Trade active
Should BTC continue its stability above the WPP, price could be pushed up to WPR1. However, this has not changed my bearish bias for BTC rather it only presents an opportunity to add to short entries.Trade active
Third entry filled already at 9600.Note
Anything is possible with Bitcoin: BTC could push to WPS1 today!
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.
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.