FX.co ★ Bitcoin Elliott Wave analysis for 01/02/2019

Bitcoin Elliott Wave analysis for 01/02/2019:

The horizontal wave progression continues

Technical market overview:

There is no clear market direction at the BTC/USD market currently, however, the downtrend is still the dominant trend at all the time frames, starting from monthly. The lesser degree wave (a) has been developed already, so now it is time for wave (b) to the downside to unfold. So far the move down looks corrective and made a local low at the level of $3,439, but the wave (b) can not go below the level of $3,385. The nearest technical resistance is seen at the level of $3,536 at the top of the wave (a). When the wave (b) is completed, the wave (c) to the upside should unfold and terminate the corrective cycle.

Weekly Pivot Points:

WR3 - $3,891

WR2 - $3,782

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. The wave (b) is not the best wave to trade as it has too many variations.