I was asked to define pivotal
Pivotal = sentiment indicator, keeps a bid bias while above, keeps an offered bias while below
Bias = market will look to buy dips or sell blips
When a currency, for example, finds a bottom or top, it will gravitate back towards the pivotal level, which will ultimately dictate it bias (trading tone).
The more dominant cycle for UsdJpy is the buy side but it takes time for price to meet the outside orders which trace the momentum. What is happening right now is there are pockets of large order beneath current market that are to some extent tracking the flow and fill upon retracements. Very simple logic and quite logical. The premises is that it would require considerable conviction to reverse established momentum. The challenge for you is to ascertain where those orders might be if that sounds like a style that suits you.
BTC DAILY CHART
BTC trying to wake up from its slumber where 65K is clearly pivotal
As Bobby posted late yesterday
Just my 10 cents worth… To understand BTC , one should go with the biggest time frame , and then use that picture to position him/herself on smaller intraday time frames. We have very interesting situation here – 5 days till months end and possible perfect pattern for a break UP . 63.480.00 is a pivotal – if closes above , most probably will break 70K and continue to new high around 80K Only below 63K we can talk about down.
Weekly jobless claims, durable goods beat consensus.. USD up…sSee our Economic Calendar
Last week US jobless claims showed a surprise drop… consensus is for a modest rebound… markets are highly sensitive to US jobs related data…see our Economic Calendar
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