Bitcoin Elliott Wave analysis for 28/02/2019

Technical market overview:

The BTC/USD pair has made another wave down with a low at the level of $3,726 and then quickly bounced up. The short-term trend line has been violated and is currently testing from the downside. Any rejection of the current price level and sell-off continuation will result in another wave down towards the level of $3,726 again and below as the projected target level for the wave (c) is seen at the level of $3,591. On the other hand, any break through the level of $3,929.28 will invalidate the short-term bearish scenario and the market will likely make another higher-highs on its way to the level of $4,000.

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:

The market has returned to the consolidation zone and now there is no good setup to open buy or sell order. Traders should stay aside and wait for a better trading setup to occur shortly.

analytics5c7782326e047.jpg

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

Comments