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FX.co ★ Bitcoin Elliott Wave analysis for 30/01/2019

Bitcoin Elliott Wave analysis for 30/01/2019

Bitcoin Elliott Wave analysis for 30/01/2019:

Local low was made, time for a bounce higher?

Technical market overview:

The BTC/USD pair has made a local low at the level of $3, 385 and bounced a little towards the local technical resistance at the level of $3,495. If the bulls want to move higher in order to develop the wave B of the overall cycle, they must first break through this local resistance. Only then the wave B to the upside might be developed. The first target for this wave is seen just below the orange trend line, around the level o $3,600. Please notice it might be only a wave (a) of a lesser degree as well and the wave B will transform into a more complex and time-consuming wave.

Weekly Pivot Points:

WR3 - $3,891

WR2 - $3,782

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WR1 - $3,632

Weekly Pivot - $3,530

WS1 - $3,381

WS2 - $3,269

WS3 - $3,120

Trading recommendations:

Traders should wait for the market to bounce up towards the technical resistance at the level of $3,495 again to see whether the bears will push the price lower again or not. Right now is not a good time to trade, is way better to stay aside and observe the market behavior for a while.

Bitcoin Elliott Wave analysis for 30/01/2019

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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