11.03.201908:58 Forex Analysis & Reviews: Elliott Wave analysis of Bitcoin for 11/03/2019

Bitcoin Elliott Wave analysis for 11/03/2019:

One more wave to the downside is still missing

Technical Market Overview:

At the BTC/USD pair, the Elliott Wave count in the wave 2 is now evolving into the more complex scenario, in which the recent simple (a)(b)(c) corrective pattern is now unfolding into more complex and time-consuming pattern of a Double Three formation of WXY. It means that there is a missing wave (c) to the downside in order to complete the wave Y or the overall corrective cycle in wave 2. The projected target level is seen below the level of $3,727, which is an old low for wave (c) of the first part of the pattern. In that situation, the nearest targets for the bears are seen at the levels of $3,813 $3,775 and $3,767.

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:

The battle of 50% Fibo retracement located at the level of $3,986 has been lost by bulls, so now only sell orders should be open as close as possible to this level. The protective stop-loss orders should be placed at $4,010 level as any violation of this level will invalidate the short-term bearish outlook. 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.