I’ve been watching how BTCUSD interacts with pivot points for a while now and I have reason to believe that there could be something in it. We just started a new month and we are right at the MM3 (Monthly M3 pivot) and a 78.6 Fib level, you could also add to that a $4500 psych level. If price was to close above this pivot we could consider that this theory will no longer apply and we will most likely head up to test the highs again at 4900.
Now i’m not saying that we are gong to head down to the MM1 (Monthly M1 pivot) which would be the true target as Pivot theory suggests but we definitely could see some downside, perhaps back down to the $4000 mark, which is the MCPP (Monthly central) where the bulls should step in.
