How pivot points can help you with your trading – simple Bitcoin example
Reason, why I like to use Pivot Points in my trading, is simple – they work.
They are in common use since 80s and to this day you can find many examples how effective they can be.
Bitcoin is a good example. There was a strong sell-off on June 26th. I made a short video about it here:
Look where price stopped. Exactly at monthly R3 line:
If you were long, this was a good place to set your take profit order.
Now we have July, new monthly pivot lines. Can you see how monthly pivot was a resistance for the price?
That’s why I think that it is a good idea to check Pivots from time to time. They can be a great help in your trading.