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

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.