Bitcoin Elliott Wave analysis for 27/02/2019

Technical market overview:

The BTC/USD pair has been trading inside of the consolidation zone with very limited volatility, although the short-term trend line has been tested again around the level of $3,850. Any violation of this line will result in further down move continuation towards the levels of $3,763 and $3,704. The projected target level for the wave (c) is seen at the level of $3,591.

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

Trading recommendations:

All long-term buy orders should be now closed as there is no good setup for entering this king of the trade yet. Only sell orders should be opened in any corrective moves up. The target for all sell orders is seen at the levels of $3,591.

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

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