FX.co ★ Bitcoin Elliott Wave analysis for 19/02/2019

Bitcoin Elliott Wave analysis for 19/02/2019:

New local highs were made

Technical market overview:

The BTC/USD pair has made a new local higher high at the level of $4,013 as the whole movement from the consolidation area has made 100% of the last impulsive spike up. The recent wave up was labeled as the wave (3), but it might be in fact just a first wave of the wave (3) and to confirm that traders should just wait a little bit longer. It is worth to notice that the move up has ended with a Doji candlestick pattern and now the market might pull-back towards the level of $3,881 - $3,850.

Weekly Pivot Points:

WR3 - $3,888

WR2 - $3,820

WR1 - $3,733

Weekly Pivot - $3,657

WS1 - $3,568

WS2 - $3,499

WS3 - $3,414

Trading recommendations:

All of the buy orders that were bought yesterday has hit the projected take profit levels, so well done traders! For now, daytraders should try to buy the BTC on the local corrections towards the level of $3,881 - $3,850 with a protective stop loss order just below the level of $3,760. Target remains open for now.