Bitcoin Elliott Wave analysis for 04/02/2019


Bitcoin Elliott Wave analysis for 04/02/2019:

Wave B is developing, more sideways price action is expected

Market technical overview:

The BTC/USD market has made the wave (c) top at the level of $3,544 and has reversed towards the level of technical support at $3,438 and now it is consolidating in this area. The orange trend line is still acting as a short-term dynamic resistance and the price is nicely respecting this line. The overall corrective cycle in the wave B might have been completed, however, it would be quite short in time, so there is still a chance for more waves to come. The next wave progression should be directed to the downside towards the levels of $3,438 and $3,385.

Weekly Pivots:

WR3 – $3,711

WR2 – $3,640

WR1- $3,528

Weekly Pivot – $3,456

WS1 – $3,349

WS2 – $3,277

WS3 – $3,168

Trading recommendations:

The market might move down towards the levels of $3,438 and $3,385, so only the sell orders should be opened. If the level of $3,385 is violated clearly, the sell-off should accelerate towards the level of $3,222. Only a sustained breakout above the level of $3,544 would change the outlook to more bullish with the target at $3,640.

The material has been provided by InstaForex Company –

Source:: Bitcoin Elliott Wave analysis for 04/02/2019

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply