FX.co ★ Bitcoin Elliott Wave analysis for 12/02/2019

Bitcoin Elliott Wave analysis for 12/02/2019

The market is consolidating the gains, higher prices still possible.

Technical market overview:

The BTC/USD price is now consolidating in a narrow range between the levels of $3,606 - $3,676 and a breakout higher is being expected, mainly due to the fact the up move has not been completed yet. From the Elliott wave point of view, the current price action is a wave 4 correction in progress, so there is wave 5 left anyway. The targets for wave 5 are seen at the levels of $3,763 and $3,850.

Weekly Pivot Points:

WR3 - $4,242

WR2 - $4,002

WR1 - $3,885

Weekly Pivot - $3,610

WS1 - $3,455

WS2 - $3,290

WS3 - $3,068

Trading recommendations:

After the spike up the traders should try to buy the BTC at one of the buyback zones: $3,591 - $3,631 with a solid protective stop-loss order. The targets should be placed at the level of $3,767 or even above as the impulsive wave progression will unfold.