Elliott Wave analysis of Bitcoin for 22/03/2019

Technical market overview:

The BTC/USD pair has completed the wave (b) of the corrective move up at the level of $4,110 and now is unfolding wave (c) to the downside as anticipated. The technical support at the level of $3,981 has been tested and the market bounced slightly towards the level of $4,000, but no momentum was behind this move up. If the level of $3,981 will be broken again, the next target is seen at $3,813. Any price movement above the level of $4,122 will invalidate the current bearish outlook and will make the spike to the level of $4,246 more possible.

Weekly Pivot Points:

WR3 - $4,456

WR2 - $4,282

WR1 - $4,180

Weekly Pivot - $4,000

WS1 - $3,897

WS2 - $3,712

WS3 - $3,614

Trading recommendations:

Due to the unfinished corrective cycle in the wave (c), the sell orders should be placed as close as possible to the level of $4,101 with a protective stop loss above the level of $4,122. Any breakout above this level invalidates the bearish outlook, but for now, the target is seen at the level of $3,813.

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

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