FX.co ★ Bitcoin Elliott Wave analysis for 08/02/2019

Bitcoin Elliott Wave analysis for 08/02/2019:

The market is trading just above the support, breakout lower is expected

Market technical overview:

The BTC/USD pair has made a new low at the level of $3,370 and then bounced towards the nearest technical resistance at the level of $34,22 to test the breakout from below. The wave down is still in progress, but it is not that much dynamic so far. There is a chance for the market to remains locked in a horizontal consolidation between the levels of $3,370 - $3,422 for the weekend and the volatility will decrease. It is worth to observe the market behavior at the mentioned level to see whether the breakout is being continued or not.

Weekly Pivot Points:

WR3 - $3,711

WR2 - $3,640

WR1- $3,528

Weekly Pivot - $3,456

WS1 - $3,349

WS2 - $3,277

WS3 - $3,168

Trading recommendations:

The market might move down towards the level $3,370 any time now, so only the sell orders should be opened. If the level of $3,370 is violated clearly, the sell-off should accelerate towards the level of $3,277 (WS2 level) and $3,223. Only a sustained breakout above the level of $3,544 would change the outlook to more bullish with the target at $3,640.