Bitcoin Elliott Wave analysis for 30/01/2019:
Local low was made, time for a bounce higher?
Technical market overview:
The BTC/USD pair has made a local low at the level of $3, 385 and bounced a little towards the local technical resistance at the level of $3,495. If the bulls want to move higher in order to develop the wave B of the overall cycle, they must first break through this local resistance. Only then the wave B to the upside might be developed. The first target for this wave is seen just below the orange trend line, around the level o $3,600. Please notice it might be only a wave (a) of a lesser degree as well and the wave B will transform into a more complex and time-consuming wave.
Weekly Pivot Points:
WR3 - $3,891
WR2 - $3,782
WR1 - $3,632
Weekly Pivot - $3,530
WS1 - $3,381
WS2 - $3,269
WS3 - $3,120
Trading recommendations:
Traders should wait for the market to bounce up towards the technical resistance at the level of $3,495 again to see whether the bears will push the price lower again or not. Right now is not a good time to trade, is way better to stay aside and observe the market behavior for a while.
