Wave B is developing, more sideways price action is expected
Market technical overview:
The BTC/USD market has made the wave (c) top at the level of $3,544 and has reversed towards the level of technical support at $3,438 and now it is consolidating in this area. The orange trend line is still acting as a short-term dynamic resistance and the price is nicely respecting this line. The overall corrective cycle in the wave B might have been completed, however, it would be quite short in time, so there is still a chance for more waves to come. The next wave progression should be directed to the downside towards the levels of $3,438 and $3,385.
Weekly Pivots:
WR3 – $3,711
WR2 – $3,640
WR1- $3,528
Weekly Pivot – $3,456
WS1 – $3,349
WS2 – $3,277
WS3 – $3,168
Trading recommendations:
The market might move down towards the levels of $3,438 and $3,385, 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 $3,222. Only a sustained breakout above the level of $3,544 would change the outlook to more bullish with the target at $3,640.
The material has been provided by InstaForex Company – www.instaforex.com
Bitcoin Elliott Wave analysis for 04/02/2019:
Wave B is developing, more sideways price action is expected
Market technical overview:
The BTC/USD market has made the wave (c) top at the level of $3,544 and has reversed towards the level of technical support at $3,438 and now it is consolidating in this area. The orange trend line is still acting as a short-term dynamic resistance and the price is nicely respecting this line. The overall corrective cycle in the wave B might have been completed, however, it would be quite short in time, so there is still a chance for more waves to come. The next wave progression should be directed to the downside towards the levels of $3,438 and $3,385.
Weekly Pivots:
WR3 – $3,711
WR2 – $3,640
WR1- $3,528
Weekly Pivot – $3,456
WS1 – $3,349
WS2 – $3,277
WS3 – $3,168
Trading recommendations:
The market might move down towards the levels of $3,438 and $3,385, 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 $3,222. Only a sustained breakout above the level of $3,544 would change the outlook to more bullish with the target at $3,640.
The material has been provided by InstaForex Company – www.instaforex.com
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