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17.01.201909:09 Forex Analysis & Reviews: Bitcoin Elliott Wave analysis for 17/01/2019

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.

Market technical overview:

The impulsive wave up has been completed at the level of $4,200 and then the Bitcoin market has made the three waves corrective pattern to the downside. The correction has reached the level of 61% Fibo and made a new local low at the level of $3,438. This level is the bullish impulsive count invalidation level now as any violation of this level would lead to the impulsive scenario invalidation due to wave 1 and wave 2 potential overlap.

The bulls will have to break out above the resistance mode established between the 38% Fibo at $3,682 and local technical resistance at the level of $3,640. This zone must be clearly violated in order for bulls to move higher towards other Fibonacci retracements are reached at $3,757 and $3,832.

Recommendations:

There is still a chance for an impulsive wave progression to develop to the upside, so long positions should be in play as long as the level of $3,438 is clearly broken. Targets for bulls are seen at the levels of $3,682, $3,757 and $3,832. Violation of the level of $3,438 invalidates the bullish impulsive scenario and then short orders should be in play with targets at the level of $3,223.

Sebastian Seliga
Analytical expert of InstaForex
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