Elliott Wave analysis of BTC/USD for 11/04/2019

Technical market overview:

The BTC/USD pair might have completed the Ending Diagonal pattern in wave (5) because the lower orange trendline was clearly violated: the price has broken below the level of $5,164 and went down towards the level of $5,060. Even this level was not good enough for bears and they pushed the price to the technical support at the level of $4,928. The long upper and lower shadows indicate there is still a battle going on, but from the Elliott Wave theory point of view, we have entered the corrective cycle.

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 long-term buy orders might be coles now as the five waves impulsive structure looks now completed with a top at the level of $5,451. Only sell orders should be opened now with a protective stop loss placed just above the top. The targets are $5,060 and $4,928 again.

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

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