Technical market overview:
The BTC/USD pair has moved lower as anticipated and the local low was made at the level of $3,909. 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 - $4,072Weekly Pivot - $4,017
WS1 - $3,925
WS2 - $3,867
WS3 - $3,781
The market is still unfolding the wave (c) to the downside, so according to this bias only sell orders should be kept open. The targets ( take profit levels) are seen at the levels of $3,967 and way lower at $3,813.
The material has been provided by InstaForex Company - www.instaforex.com