Bitcoin Elliott Wave analysis for 20/02/2019:
Time for a pullback after a rally?
Technical market overview:
The BTC/USD pair has made a new local higher high at the level of $4,045 and now it looks like the price is starting a local pull-back towards the technical support at the level of $3,881 or $3,850.The 1:1 Fibonacci extension of the last wave up has been done and the projected target at the level of $4,013 has been hit as well. 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 of the buy orders that were bought yesterday should now be closed with profit, so well done everyone who traded this setup. Currently, going short is not 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.
