Looking at a 2-day chart of Bitcoin on BitMEX, XBT is sitting right on top of 8750. By drawing a simple line, we can see how big moves had come when either Bitcoin ( BTC ) stayed above this line or fell below it.

The arrows show market moves in May, June, September, and October. Now in November, three 2-day bars have formed right on top of 8750.

Bottom Line: Sometimes, the key to the next trade is to focus on significant pivot levels and then see what happens. 8750 is such a level.

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