Elliott Wave analysis of Bitcoin for 18/04/2018

Crypto Industry News:

The team behind BlockShow, an international event supported by Blockchain, began a campaign to collect donations in cryptocurrencies for the reconstruction of the Notre Dame cathedral. The news was announced on the official BlockShow Twitter account.

In a tweet, the BlockShow team revealed that it initiated a campaign to raise funds for the reconstruction of Notre Dame after the devastating fire that devoured the cathedral on April 15. Two addresses of digital currency portfolios have been published, to which all interested parties can submit donations in both Bitcoins and Ethereum. The team also provided a link to the Du Patrimoine foundation, which accepts donations in fiat currencies.

Technical Market Overview:

As anticipated yesterday, the BTC/USD pair has made one more wave to the upside in order to complete the fifth wave of the impulse. The target at the level of $5,290 was almost hit (high at $5,284 so far) and might be (or soon will be) a top for the wave C of the overall corrective cycle of the wave (b) of a higher degree.

Weekly Pivot Points:

WR3 - $5,898

WR2 - $5,642

WR1 - $5,340

Weekly Pivot - $5,108

WS1 - $4,789

WS2 - $4,547

WS3 - $4,228

Trading Recommendations:

The best trading strategy for this market for daytraders is to sell the end of the local correction in wave B around the level of $5,290 - $5,309 with a target at the levels of $4,942 and $4,899. The final target is seen at the level of $4,800.

The best strategy for the swing traders is to trade with the longer-timeframe trend, which is now an uptrend. The best level for opening the buy orders is around the level of $4,800. This point of view is valid as long as the technical support at the level of $4,795 is broken.

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

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