BTC/USDT breaking all odds, (THE QUITE BEFORE THE STORM MOVE)
BTC/USDT is on the verge of performing a MAGIC, but will it favor your position?
This is the BREAK OUT against all odds and here is a good explanation for this.
"THE QUITE BEFORE THE STORM”
Where do we go from here?
So many traders believe the market direction can be DISCLOSE by FLOOR PIVOT levels, they see and buy these pivot levels to exist at 1st or 2nd resistance or support levels. WHY? because Prices around pivot levels signal rough or trend market modes or potential reversals.
NOTE;
A convergence of pivots increases the chance of potential support/resistance compare to a single pivot level p.
BULLISH SIGNALS
when prices open and consolidate around(much preferably above) the PIVOT LEVELS P, prices tend to pick the prior trend direction and trade HIGHER.
BEARISH SIGNALS
When prices opened and trade below the pivot level P, suggesting a potential range expansion/volatility and a possible trend reversal.
Looking at the above chart on the hourly, you will see three spot with a red circle named PIVOT POINTS, these are the examples I will be using to explain the current market position and how this current Pivot level P will affect BTC/USDT and how it has been affecting it since beginning of 2020( other times exist during this timeframe but I will be focusing this discussion on this three spots.
1st PIVOT POINT EXPLAINED
The early hours of the 5th Jan 20, BTC/USDT opened above the previous day low. After the first hours, prices continued to trade slightly above the Pivot level P but below the 1st resistance R1.
BTC/USDT traded above the previous day high of $7574 and pivot at 7241 to suggest a potential bullish trend and low-risk trading opportunity .
2nd PIVOT POINT EXPLAINED
On the 02nd March 20, BTC/USDT opened below the low of the previous day. the market traded in a narrow range below the PIVOT LEVEL P, the following day opened near the previous day’s high but could not hold unto this high price, but maintained it's position above the key support level S1. the market rallied up to $8938 on the 4th March while pivot level remains at $8977( a big bearish signal).
On the 5th march 20, the continued to open below the Pivot point but later rallied to $9156 before close. on the 6th march the price continued to trade above the Pivot this price could not hold for long above the Pivot level P, on the 07th march BTC/USDT broke through the key support level S1 at $7964.
3rd PIVOT POINT EXPLAINED
Like I stated earlier, a confluence of pivots increases the chance of a strong support/resistance.
On the 13 march 20, BTC/USDT opened above the previous day close
The chart above shows floor pivot from BTC/USDT 1hr chart. On March 13 of 2020,a setup presented itself, BTC/USDT opened above the previous day close, 6687, just slightly above the key support S1 at 6609. this lead to a rally to 6959 to close at 6947. the next day pickup but could not hold on to the high price, after the first hours, prices traded back to the Key support S1.
On the 16th March 20 however price picked up really fast, rolling up to $7192 above the PIVOT level at $7034.
This is where THINGS starts getting interesting, A trade setup was presented when BTC/USDT traded above the hourly high but below the 1st resistance R1, but this is where it gets a lil tricky,
On the 17th March 202, price traded below the previous day high at $7192 BUT STILL hold the pivot level. at $7034. the early hours of 18th March 2020 is where we are currently at and so far, BTC/USDT still hold above the pivot level P suggesting a potential bullish trend.
In my previous analysis, I stated why bulls should not short btc/usdt and that price will hit $10k, when price was still at $6709
this trade is still in play, we are currently at the first bear zone.
HINTS on my personal trading setuP trade;
1.Enter a ‘’ long’’trade 5cents above $7189
Place a “stop’ loss at the previous high at ($7147)
Place a “TA” at the 2nd resistance R3 (at $7777 or at most $8k to avoid any bull trap)
if you find this helpful, show some love back by commenting your own opinion and also by liking this post.
This is the BREAK OUT against all odds and here is a good explanation for this.
"THE QUITE BEFORE THE STORM”
Where do we go from here?
So many traders believe the market direction can be DISCLOSE by FLOOR PIVOT levels, they see and buy these pivot levels to exist at 1st or 2nd resistance or support levels. WHY? because Prices around pivot levels signal rough or trend market modes or potential reversals.
NOTE;
A convergence of pivots increases the chance of potential support/resistance compare to a single pivot level p.
BULLISH SIGNALS
when prices open and consolidate around(much preferably above) the PIVOT LEVELS P, prices tend to pick the prior trend direction and trade HIGHER.
BEARISH SIGNALS
When prices opened and trade below the pivot level P, suggesting a potential range expansion/volatility and a possible trend reversal.
Looking at the above chart on the hourly, you will see three spot with a red circle named PIVOT POINTS, these are the examples I will be using to explain the current market position and how this current Pivot level P will affect BTC/USDT and how it has been affecting it since beginning of 2020( other times exist during this timeframe but I will be focusing this discussion on this three spots.
1st PIVOT POINT EXPLAINED
The early hours of the 5th Jan 20, BTC/USDT opened above the previous day low. After the first hours, prices continued to trade slightly above the Pivot level P but below the 1st resistance R1.
BTC/USDT traded above the previous day high of $7574 and pivot at 7241 to suggest a potential bullish trend and low-risk trading opportunity .
2nd PIVOT POINT EXPLAINED
On the 02nd March 20, BTC/USDT opened below the low of the previous day. the market traded in a narrow range below the PIVOT LEVEL P, the following day opened near the previous day’s high but could not hold unto this high price, but maintained it's position above the key support level S1. the market rallied up to $8938 on the 4th March while pivot level remains at $8977( a big bearish signal).
On the 5th march 20, the continued to open below the Pivot point but later rallied to $9156 before close. on the 6th march the price continued to trade above the Pivot this price could not hold for long above the Pivot level P, on the 07th march BTC/USDT broke through the key support level S1 at $7964.
3rd PIVOT POINT EXPLAINED
Like I stated earlier, a confluence of pivots increases the chance of a strong support/resistance.
On the 13 march 20, BTC/USDT opened above the previous day close
On the 16th March 20 however price picked up really fast, rolling up to $7192 above the PIVOT level at $7034.
This is where THINGS starts getting interesting, A trade setup was presented when BTC/USDT traded above the hourly high but below the 1st resistance R1, but this is where it gets a lil tricky,
On the 17th March 202, price traded below the previous day high at $7192 BUT STILL hold the pivot level. at $7034. the early hours of 18th March 2020 is where we are currently at and so far, BTC/USDT still hold above the pivot level P suggesting a potential bullish trend.
In my previous analysis, I stated why bulls should not short btc/usdt and that price will hit $10k, when price was still at $6709
HINTS on my personal trading setuP trade;
1.Enter a ‘’ long’’trade 5cents above $7189
Place a “stop’ loss at the previous high at ($7147)
Place a “TA” at the 2nd resistance R3 (at $7777 or at most $8k to avoid any bull trap)
if you find this helpful, show some love back by commenting your own opinion and also by liking this post.
Commento:
A retest is expected to at most 7k before 8k www.tradingview.com/x/sOnUsAEV/
Trade attivo:
We have successfully broken out of the consolidation as expected. We are very close to the first bear zone at 7300 where I expect BTC to take a breath before we hit 8k
1, BEAR ZONE 1 $7300 -$8100
2, BEAR ZONE 2 = $8900 - $9100
3, BEAR ZONE 3 = 10300 - 10500
4. BEAR KING HOME ADDRESS = $14K
BTC/USDT felt the repulsion of the bears at 7300 when we hit 7269.