Bitcoin Elliott Wave analysis for 13/02/2019

Technical market overview:

The BTC/USD bulls are trying to move higher and the firsts attempt to break out from the triangle pattern has been made. Nevertheless, the local high was made at the level of $3,700 and then the price reversed back to the range. Currently, the price is testing the potential breakout from the upside and if successful, the move upwards should continue because from the Elliott wave point of view, the current price action is a wave 4 correction in progress, so there is wave 5 left anyway. The targets for wave 5 are seen at the levels of $3,763 and $3,850.

Weekly Pivot Points:

WR3 - $4,242

WR2 - $4,002

WR1 - $3,885

Weekly Pivot - $3,610

WS1 - $3,455

WS2 - $3,290

WS3 - $3,068

Trading recommendations:

After the spike up the traders should try to buy the BTC at one of the buyback zones: $3,591 - $3,631 with a solid protective stop-loss order. The targets should be placed at the level of $3,767 or even above as the impulsive wave progression will unfold.

analytics5c63c8b3077bc.jpg

The material has been provided by InstaForex Company - www.instaforex.com