FX.co ★ Bitcoin Elliott Wave analysis for 07/03/2019

Technical market overview:

The BTC/USD pair has been trading quietly inside of the horizontal consolidation between the levels of $3,812 - $3,894. The whole move up from the level of $3,673 is still being considered as corrective anyway as it had unfolded in three waves only so far. The market might still be unfolding the wave 2 of the higher degree which means there is another leg down waiting to be made anyway. The target for the wave C of the wave 2 is seen below the level of $3,655.

Weekly Pivot Points:

WR3 - $4,187

WR2 - $4.058

WR1 - $3,959

Weekly Pivot - $3,833

WS1 - $3,732

WS2 - $3,608

WS3 - $3,503

Trading Recommendations:

The overall trend remains bearish and there is a possible wave C waiting to unfold to the downside, so only the sell orders should be placed in this market. The next good level to open the sell stop order is $3,871 with a target at the level of $3,784. Any violation of the level of $3,952 will invalidate this trading setup.