Bitcoin Elliott Wave analysis for 06/03/2019

analytics5c7f67471c4a0.jpg

Technical market overview:

The BTC/USD pair has bounced from the level of $3,730 after a Hammer candlestick was made and the pair shoot up quickly towards the level of $3,929. Another Pin Bar candle was made at the end of the rally and currently, the market is in a local pull-back cycle. The nearest intraday support is seen at the level of $3,873 and any violation of this level will only speed up the correction down towards the level of $3,784.

Weekly Pivot Points:

WR3 – $4,187

WR2 – $4.058

WR1 – $3,959

Weekly Pivot – $3,833

WS1 – $3,732

WS2 – $3,608

WS3 – $3,503

Trading Recommendations:

The overall trend remains bearish, so only the sell orders should be placed in this market. The next good level to open the sell stop order is $3,871 with a target at the level of $3,784. Any violation of the level of $3,952 will invalidate this trading setup.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Bitcoin Elliott Wave analysis for 06/03/2019

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

*