Bitcoin Elliott Wave analysis for 04/03/2019

Technical market overview:

The BTC/USD pair does not look like it wants to go up as there is still uncompleted wave down in the overall corrective structure or the wave 2. The market has reached technical support at the level of $3,763, but the bounce up is shallow so far. this indicates that the bearish pressure for lower price levels is still present and another technical support might be hit soon, this time at the level of $3,724.

Weekly Pivot Points:

WR3 - $4,187

WR2 - $4.058

WR1 - $3,959

Weekly Pivot - $3,833

WS1 - $3,732

WS2 - $3,608

WS3 - $3,503

Trading Recommendations:

All sell orders from the last week should be still kept open with a target set at the level of $3,724. Another sell stop orders can be triggered below the level of $3,704 with the take profit located at the level of $3,591.

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

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