Bitcoin Elliott Wave analysis for 26/03/2019

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

Trading recommendations:

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.

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

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