Bitcoin Elliott Wave analysis for 25/03/2019

Technical market overview:

The BTC/USD pair has been slowly trading inside of the narrow horizontal zone located between the levels of $3,967 - $4,048 with a little downside bias. The momentum remains weak and negative with clearly supports the current wave scenario of this pair, in which there is a missing sub-wave (c) in the wave 2 of a higher degree. The target level for wave 2 is way below the current price, at $3,813 and any violation of the level of $3,967 will be a first sigh that the sub-wave (c) continues to unfold.

Weekly Pivot Points:

WR3 - $4,204

WR2 - $4,154

WR1 - $4,072

Weekly Pivot - $4,017

WS1 - $3,925

WS2 - $3,867

WS3 - $3,781

Trading recommendations:

The market is still unfolding the wave (c) to the downside, so according to this bias only sell orders should be opened on every upwards correction up to the level of $4,048. The targets ( take profit levels) are seen at the levels of $3,967 and way lower at $3,813.


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