Bitcoin Elliott Wave analysis for 14/03/2019

Bitcoin Elliott Wave analysis for 14/03/2019

Technical Market Overview:

The BTC/USD pair is at a very interesting place right now. The price will either bounce back up from the trendline support around the level of $3,901 or the price will break through the trendline and will move lower. The next target for this wave is seen at the level of $3,813, but this is not the final target as the wave (c) should easily move below the bottom of the wave (a) located at the level of $3,724. The bearish bias continues and the momentum supports the negative outlook. Weekly Pivot Points:

WR3 – $4,374

WR2 – $4,179

WR1 – $4,091

Weekly Pivot – $3,907

WS1 – $3,816

WS2 – $3,625

WS3 – $3,539

Trading Recommendations:

Please keep an eye on the market reaction to the trendline test and trade accordingly. The protective stop-loss orders for the long-term traders should be placed at $4,010 level as any violation of this level will invalidate the short-term bearish outlook. The short-term traders or daytraders should place the protective stop-loss orders above the level of $3,951 if they are on the sell side of the market. The potential wave (c) should be a form of an impulsive wave, so it will be a sudden and quick wave down (it even might be a spike down), so please be prepared.

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