Technical Market Overview:
The BTC/USD pair has bounced from the technical support at the level of $4,928 and is currently testing the local technical resistance at the level of $5,164. Any violation of this level would lead to the test of the next technical resistance seen at the level of $5,290 and this might be the top for the unfolding wave (b). Please notice, there is still one more wave to the downside missing, the wave (c) and only after this wave is completed, the uptrend should resume.
Weekly Pivot Points:
WR3 - $5,898
WR2 - $5,642
WR1 - $5,340
Weekly Pivot - $5,108
WS1 - $4,789
WS2 - $4,547
WS3 - $4,228
Trading Recommendations:
The best trading strategy for this market for daytraders is to trade with the longer-timeframe trend, which is now uptrend. This point of view is valid as long as the technical support at the level of $4,795 is broken.
