18.03.201909:00 Forex Analysis & Reviews: Elliott Wave analysis of Bitcoin for 18/03/2019

Battle of 61% Fibonacci retracement is still present

Technical market overview:

The BTC/USD pair has made a new local high at the level of $4,122 and then suddenly moved down towards the technical resistance located between the levels of $4,076 - $4,101. The bulls were too weak to move higher again. Hence, the price dropped towards the technical support at the level of $4,009. If this level is violated then the low for the wave (a) will be completed and the market will start the local wave (b) and (c). When those two waves are done, the whole corrective cycle in wave 2 will be completed.

Weekly Pivot Points:

WR3 - $4,456

WR2 - $4,282

WR1 - $4,180

Weekly Pivot - $4,000

WS1 - $3,897

WS2 - $3,712

WS3 - $3,614

Trading recommendations:

Due to the unfinished corrective cycle in the wave (a) (b) and (c) the sell orders should be placed as close as possible to the level of $4,076 with a protective stop loss above the level of $4,112.