Elliott Wave analysis of Bitcoin for 02/04/2019

Technical market overview:

The BTC/USD pair is unfolding the wave (3) of the overall impulsive development and now the highest level noticed was $5,060, which is way above the weekly pivot WR3 that was at $4,530. After such a dynamic move up the market will start a correction in the wave (4), but not today. The nearest technical support is seen at the level of $4,729.

Weekly Pivot Points:

WR3 - $4,530

WR2 - $4,354

WR1 - $4,258

Weekly Pivot - $4,077

WS1 - $3,989

WS2 - $3,805

WS3 - $3,717

Trading recommendations:

All the buy targets were hit with no problems, but the market moved too far too fast, so it might be a good time to close any open transactions with profit at the current price levels. Please keep an eye on the level of $4,729 as well.

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