Bitcoin Elliott Wave analysis for 01/3/2019

Technical market overview:

The BTC/USD pair has made another higher high at the level of $3,952.94, but the candlestick formation was very similar to the Pin Bar with a long upper shadow. It means the bearish pressure is rising and the bears are active sellers every time the price breaks above any horizontal resistance level. Another rejection of the current price level and sell-off continuation will result in next wave down towards the level of $3,726 or below as the projected target level for the wave (c) is seen at the level of $3,591. Any break through the level of $3,952.94 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. Currently, the market participants undecided where to go next. Traders should stay aside and wait for a better trading setup to occur shortly.

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

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