Bitcoin Elliott Wave analysis for 18/02/2019:
Up we go, higher highs in the making ahead
Technical market overview:
The BTC/USD pair has broken above the recent local top at $3,763 and made a new local high at the level of $3,824. The breakout from the consolidation zone was a dynamic and sudden, which is typical for an impulsive wave. This is why I have labeled the recent wave up as the wave (1) and the correction as the wave (2), so now the market is developing the wave (3). This means the new higher highs should be made soon. The technical resistance is seen at the levels of $3,850 and $3,881. Any violation of the level of $3, 631 will invalidate the bullish impulsive scenario of the wave (3).
Weekly Pivot Points:
WR3 - $3,888
WR2 - $3,820
WR1 - $3,733
Weekly Pivot - $3,657
WS1 - $3,568
WS2 - $3,499
WS3 - $3,414
Trading recommendations:
All of the buy orders that were bought during last week in the buyback zone are now closed with profit at the level of $3, 763. If you still have any open by orders, the next targets are seen at the levels of $3,850 and $3,881. Daytraders should try to buy the BTC on the local corrections.
