Bitcoin Elliott Wave analysis for 25/02/2019:
Impulsive development is not done, correction time in wave 2.
Technical market overview:
The ETH/USD pair has mad a new high at the level of $4,245 which was labeled as the top for the wave 5 and the top of the wave 1 of a higher degree. After that, the market suddenly reversed as the corrective cycle in wave 2 of the higher degree has started. For now, it is hard to say whether the last sudden drop was a full wave 2 or just a part of the wave 2 in form of a wave (a) of the lesser degree. It all depends on the wave (b) and the form it will take. The nearest resistance is seen at the level of $3,850 – $3,881 zone, but the bulls might break out higher towards the level of $4,000 before the wave (b) is completed.
Weekly Pivot Points:
WR3 – $4,708
WR2 – $4,470
WR1 – $4,118
Weekly Pivot – $3,886
WS1 – $3,537
WS2 – $3,284
WS3 – $2,810
All long-term buy orders should be now closed as there is no good setup for entering this king of trade yet. Daytraders can try to open buy orders around the current price levels with a protective stop loss below the wave (a) low. The target is the resistance level of $3,881.
The material has been provided by InstaForex Company – www.instaforex.com