Bitcoin Elliott Wave analysis for 05/03/2019
Bulls are protecting the local lows, but for how long?
Technical market overview:
The BTC/USD pair has almost hit the technical support at the level of $3,724 mentioned in yesterdays analysis and bounced slightly towards the technical resistance at the level of $3,775. The bulls will be defending this technical support, because if it is broken, then the price will quickly drop towards the level of $3,591, which is the orthodox target for wave (c) of wave 2.
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
The overall trend remains bearish and the very deep retracement in the last wave down looks very much corrective, so the market might be positioning itself for another leg down. This is why only sell orders should be open in this market, one of the good levels to do this is at $3,775 and the other is at the level of $3.804. Sell stop orders can be triggered below the level of $3,704 with the take profit located at the level of $3,591.
The material has been provided by InstaForex Company - www.instaforex.com