Bitcoin Elliott Wave analysis for 15/02/2019

analytics5c66656c8eafc.jpg

Bitcoin Elliott Wave analysis for 15/02/2019:

The consolidation is getting narrower and the volatility is limited.

Technical market overview:

The BTC/USD pair is still trading inside of the horizontal consolidation zone and this zone range is getting narrower as the volatility is way lower than it was a couple days ago. It indicates that the correction will be evolving into a more complex and time-consuming one. The support at the level of $3,591 was almost tested as the recent low was made only $4 higher at the level of $3,596. This level can still act as valid support for the price, but the traders must be a little more patient. The next technical support, which is a key support zone, is seen between the levels of $3,536 – $3,544 and it can not be broken before the new high is made first.

Weekly Pivot Points:

WR3 – $4,242

WR2 – $4,002

WR1 – $3,885

Weekly Pivot – $3,610

WS1 – $3,455

WS2 – $3,290

WS3 – $3,068

Trading recommendations:

The BTC buyback zones are still active: $3,591 – $3,631 with a solid protective stop-loss order. The targets should be placed at the level of $3,767 or even above as the impulsive wave progression will unfold.

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

Source:: Bitcoin Elliott Wave analysis for 15/02/2019

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

*