How These Monthly Pivot Points Are Giving Clue For The Next Big Bull Run Of Bitcoin (BTC)
Hi dear friends, hope you are well, and welcome to the new update on Bitcoin .
Another Descending triangle:
On a 4-hr time frame, after breaking out a descending triangle Bitcoin has formed another descending triangle
Another rejection:
On an hourly time frame, BTC is rejected by the resistance of $30600 and now it is possible that it may re-test the next support of $29800, and if $29800 will be broken down then the next support will be $29300.
Monthly wedge and pivots:
On a monthly time frame, BTC is rejected by pivot point , Bitcoin had such rejection back in Jan 2018 and then there was a big drop. But this time Stochastic has entered the oversold zone
and we have strong support of $28600 and support of a big falling wedge pattern. Therefore, until these supports are saved a powerful price reversal is possible.
Conclusion:
On the short term, BTC has been rejected by resistance now it may test the support of the triangle as well. But on the long-term, we have strong supports, therefore, after some sideways trend, a big reversal move can be flashed soon. For the short-term buying or long-positions Bitcoin needs to be above the daily pivot point as well, therefore, we also need to wait for BTC to move above the daily pivot to start short-term trading again.
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