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22.02.201908:27 Forex Analysis & Reviews: Bitcoin Elliott Wave analysis for 22/02/2019

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical market overview:

The BTC/USD pair has made a new local low after the orange trend line was violated and then the price returned back up to test the orange trend line from below. Currently, the market is still trading below this line, so there is still a chance for more sideways price action. The five wave progression might have been completed now with a top for the wave (5) at the level of $4,102. This would indicate the market is in the corrective cycle now as the bullish momentum is clearly decreasing. The key support levels are $3,881 and $3,850.

Traders should now keep an eye at the level of $3,763 as any violation of this level will invalidate the impulsive bullish count and will confirm the top is in place.

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 short-term sell orders for daytraders recommended yesterday should now be closed in profit. Currently, going short is not a really good setup and it is better to wait for the price reaction at the level of $3,881 or $3,850 and then open a trade.

Exchange Rates 22.02.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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