New Month, new Monthly Pivots!
Last month was opened with a candle closing above the Monthly Pivot declaring bullish intentions.
Indeed most of the month was spend on building a base, ranging, chopping impatient traders to small pieces, checking support and then breaking above resistance.
Last part of April closed with a slow grind ending with a two day rally.
Trade target played out perfectly for April from the monthly Pivot at ~$6500 to the Monthly R1 at ~$9300 (+43%).
Pivots don't lie!
Indeed a strong rejection with profit taking was the month's closer, but everything is pointing toward a continuation. So what can we expect?
The charm of Pivots is that they are a predictive indicator going into the future. From my experience, a time period closing with a bullish move from Pivot to the R1 is many times followed with a stronger continuation to the next period's R1 and R2. Sometimes, when serious FOMO kicks in, it can even fly to the R3. So my expectations would be at least seeing a PA going to May's new R1 at ~$10k and beyond to the R2 at ~$11.5k.
I've posted here a scenario with a high probability of playing out, but this is nothing more than an Idea.
The fractal candle pattern connected to Today's price action is simply a snippet from last month's ranging. It shows what I suspect is a probable move to check support of the new Monthly Pivot at ~$8090, followed by a period of ranging building the base for the next move up. But, I have seen many times before how current price behavior, when is playing out very bullish, just keeps on going higher to the above mentioned targets. Leaving patient traders with their **** in their hand.
Trade wise and be well!
XBTUSD.P
Last month was opened with a candle closing above the Monthly Pivot declaring bullish intentions.
Indeed most of the month was spend on building a base, ranging, chopping impatient traders to small pieces, checking support and then breaking above resistance.
Last part of April closed with a slow grind ending with a two day rally.
Trade target played out perfectly for April from the monthly Pivot at ~$6500 to the Monthly R1 at ~$9300 (+43%).
Pivots don't lie!
Indeed a strong rejection with profit taking was the month's closer, but everything is pointing toward a continuation. So what can we expect?
The charm of Pivots is that they are a predictive indicator going into the future. From my experience, a time period closing with a bullish move from Pivot to the R1 is many times followed with a stronger continuation to the next period's R1 and R2. Sometimes, when serious FOMO kicks in, it can even fly to the R3. So my expectations would be at least seeing a PA going to May's new R1 at ~$10k and beyond to the R2 at ~$11.5k.
I've posted here a scenario with a high probability of playing out, but this is nothing more than an Idea.
The fractal candle pattern connected to Today's price action is simply a snippet from last month's ranging. It shows what I suspect is a probable move to check support of the new Monthly Pivot at ~$8090, followed by a period of ranging building the base for the next move up. But, I have seen many times before how current price behavior, when is playing out very bullish, just keeps on going higher to the above mentioned targets. Leaving patient traders with their **** in their hand.
Trade wise and be well!
XBTUSD.P
Trade ist aktiv:
A week in to May and the Monthly R1 has been already hit. Price does not wait for anyone.
As a precaution, I did put a hedge on the R1 but as mentioned at the beginning of the month, I do expect a continuation to the R2 and it seems that price is signaling bullishness at this point with no apparent retrace. Just flags flagging away is what we get for entries.
As a precaution, I did put a hedge on the R1 but as mentioned at the beginning of the month, I do expect a continuation to the R2 and it seems that price is signaling bullishness at this point with no apparent retrace. Just flags flagging away is what we get for entries.
Trade geschlossen: Stop wurde erreicht:
SL at 9400 was activated. Hedge From R1 played nicely and was closed at 8726.
This is a great example of how market can play you out even if you have the right picture. I was originally predicted a test of the Monthly Pivot but lost belief due to bullishness. Market demonstrated how in one day it can wick back there.
This is a great example of how market can play you out even if you have the right picture. I was originally predicted a test of the Monthly Pivot but lost belief due to bullishness. Market demonstrated how in one day it can wick back there.