Bitcoin Elliott Wave analysis for 06/02/2019

analytics5c5a858709cda.jpg

Bitcoin Elliott Wave analysis for 06/02/2019:

The market is trading just above the support, breakout lower is expected

Market technical overview:

The BTC/USD pair might have just completed the wave B corrective cycle and might be ready to drop lower, first towards the level of $3,385 and then towards the level of $3,223. This wave progression is indicating an unfolding wave C of the overall corrective cycle in wave 2 of the higher degree. The level of $3,223 might not even be the final targe for this cycle, so even more downside can be expected in a case of an extension.

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 level $3,385 any time now, 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 $3,277 (WS2 level) and $3,223. 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 06/02/2019

Won't your trader friends like this?
InstaForex
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

*