Elliott Wave analysis of Bitcoin for 01/04/2019

Technical market overview:

The BTC/USD pair has completed the corrective cycle of the wave 2 at the level of $3,903 despite the anticipation of a deeper move down towards the level of $3,813. Nevertheless, this move did not happen as the wave progression was terminated sooner than expected. Since then, the price has made another attempt to rally above the technical resistance zone located between the levels of $4,076 - $4,104 and made a new high at the level of $4,173. This move upward was impulsive and the top at the level of $4,176 was labeled as the top for the wave (1). Currently, the market is unfolding a correction in wave (2) and when this correction has completed another wave up is expected. The bullish impulsive scenario gets invalidated if the level of $3,903 is violated.

Weekly Pivot Points:

WR3 - $4,530

WR2 - $4,354

WR1 - $4,258

Weekly Pivot - $4,077

WS1 - $3,989

WS2 - $3,805

WS3 - $3,717

Trading recommendations:

All the sell orders should be closed and only the buy orders should be opened during the wave (2) cycle. Buy stop orders might be placed at the level of $4,715. The nearest target is seen at the level of $4,246.


The material has been provided by InstaForex Company - www.instaforex.com