Bitcoin has fallen on hard times in 2018.
The cryptocurrency is down 85% since it made all time highs in December of 2017.
So when will Bitcoin bottom? Is a Bitcoin rally coming soon?
Time to look at the yearly pivots!
This past week Bitcoin fell into a confluence of 2018 yearly support pivot points. This price area ($3000 – $3300) should provide strong support into year end.
If the 2018 YCL3/YS1 Pivots hold, a big Bitcoin rally could take shape in 2019. This would likely target the yearly pivot (YP) next year, which should be around $8,000. We won’t know the exact price of the 2019 Yearly pivot (YP) until we get the closing price on December 31. This is because Pivot Points are a math calculation that uses the high, low and closing prices.
The biggest reversals happen at the yearly points!
Bitcoin Chart with Yearly Pivots
To learn more about yearly pivot points, please check out my “Using multiple pivot points for trading opportunities” webinar.
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.