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
Weekly Pivot – $3,456
WS1 – $3,349
WS2 – $3,277
WS3 – $3,168
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.
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