Bitcoin Elliott Wave analysis for 05/02/2019

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Bitcoin Elliott Wave analysis for 05/02/2019:

The market trading range is getting more narrow, breakout soon?

Market technical overview:

The BTC/USD market is still developing the horizontal wave progression and the price range is now, even more, narrower as the range has decreased to $122 only (from $3,422 to $3,544). This lack of volatility might indicate the breakout is near and it will likely occur suddenly. According to the EWP, the next market move should be made to the downside as there are uncompleted corrective cycles. The first target is seen at the level of $3,385, but the price might move below this level with ease, targeting the level of $3,300 and $3,222.

Weekly Pivot Points:

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 – www.instaforex.com

Source:: Bitcoin Elliott Wave analysis for 05/02/2019

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