Elliott Wave analysis of BTC/USD for 08/04/2019

Technical market overview:

The BTC/USD pair has made another leg to the upside and the level of $5,290 was violated slightly. So far, the new swing high was made at the level of $5,310, but the move up is in three waves only, so it can be a part of a larger correction in the wave (4). If the price will move up higher from here, then there is a chance for another impulsive wave to unfold to the upside and the target for this scenario is seen at the level of $6,000.

Weekly Pivot Points:

WR3 - $6,920

WR2 - $6,094

WR1 - $5,671

Weekly Pivot - $4,832

WS1 - $4,470

WS2 - $3,620

WS3 - $3,234

Trading recommendations:

The longer-term buy order should remain open and the protective stop-loss might be moved higher to the level of $4,794. The daytraders should keep an eye on the level of $5,164 as any breakout below this level would indicate a deeper correction and further wave (4) development.

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

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