Bitcoin Elliott Wave analysis for 28/03/2019

Technical market overview:

The BTC/USD pair has tested the technical resistance level at $4,076 but did not move higher as the momentum is now decreasing in overbought market conditions. Please notice, that the recent down move was made in three waves only, so it must be a part of the correction to the downside and in this case, it is the wave (c). Nevertheless, the move down is getting complex and tricky, so additional caution is required. The outlook remains bearish as there is still uncompleted wave (c) of the wave 2.

Weekly Pivot Points:

WR3 - $4,204

WR2 - $4,154

WR1 - $4,072

Weekly Pivot - $4,017

WS1 - $3,925

WS2 - $3,867

WS3 - $3,781

Trading recommendations:

The market is still unfolding the wave (c) to the downside, but the second target level at $3,813 has not been hit yet. There is now a chance to join the wave (c) down move by opening sell orders below the level of $4,077.

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