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
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