Elliott Wave analysis of Bitcoin for 03/04/2019

Technical market overview:

Wave 3 at the BTC/USD market is still in progress and currently, the market is consolidating the gains in the zone between the levels of $4,709 - $5,060. The top for the wave (3)/(c) was made at the level of $5,060 but the longer term technical resistance is still seen at the level of $5,164. The momentum remains strong and positive, but there is an obvious thing: the market conditions are now overbought, so a pull-back might continue for a while here.

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 buy targets were hit with no problems, but the market moved too far too fast, so it might be a good time to close any open transactions with profit at the current price levels. The target for the bulls is still seen at the level of $5,164. Please keep an eye on the level of $4,709 as well as any breakout below this level will directly expose the next technical support at the level of $4,600.


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