Bitcoin Elliott Wave analysis for 15/02/2019

Bitcoin Elliott Wave analysis for 15/02/2019:

The consolidation is getting narrower and the volatility is limited.

Technical market overview:

The BTC/USD pair is still trading inside of the horizontal consolidation zone and this zone range is getting narrower as the volatility is way lower than it was a couple days ago. It indicates that the correction will be evolving into a more complex and time-consuming one. The support at the level of $3,591 was almost tested as the recent low was made only $4 higher at the level of $3,596. This level can still act as valid support for the price, but the traders must be a little more patient. The next technical support, which is a key support zone, is seen between the levels of $3,536 - $3,544 and it can not be broken before the new high is made first.

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:

The BTC buyback zones are still active: $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.

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