Bitcoin Elliott Wave analysis for 06/03/2019

Technical market overview:

The BTC/USD pair has bounced from the level of $3,730 after a Hammer candlestick was made and the pair shoot up quickly towards the level of $3,929. Another Pin Bar candle was made at the end of the rally and currently, the market is in a local pull-back cycle. The nearest intraday support is seen at the level of $3,873 and any violation of this level will only speed up the correction down towards the level of $3,784.

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:

The overall trend remains bearish, so only the sell orders should be placed in this market. The next good level to open the sell stop order is $3,871 with a target at the level of $3,784. Any violation of the level of $3,952 will invalidate this trading setup.

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

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