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Bitcoin Elliott Wave analysis for 23/01/2019
Is the correction completed yet?
The main question regarding the BTC/USD pair now is whether the corrective cycle from the level of $3,676 has been completed or not? There was a slight overlap of the wave 1 and wave 2, so this is the last chance count for bulls and if the price will now reverse below the orange trend line again and will not break through the technical resistance at $3,676 soon, then the impulsive count will be invalidated for sure and the corrective cycle will continue (alternative count).
The bullish count invalidating level is seen at $3,438, but it must be cleared in an impulsive way in order to be truly invalidated. So far the price is bouncing from this level as the candlestick formations are now more similar to Pin Bar or Hammer formation, which indicate a possible trend change.
Recommendations:
The buy orders should be still in play, but the level of $3,438 is the one to keep an eye on as any violation of this level will invalidate the bullish impulsive scenario. The targets for bulls are seen at the levels of $3,676 and $3, 757 and $3,832.
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