Technical market overview:
The BTC/USD pair has been trading inside of the consolidation zone with very limited volatility, although the short-term trend line has been tested again around the level of $3,850. Any violation of this line will result in further down move continuation towards the levels of $3,763 and $3,704. The projected target level for the wave (c) is seen at the level of $3,591.
Weekly Pivot Points:
WR3 - $4,708
WR2 - $4,470
WR1 - $4,118
Weekly Pivot - $3,886
WS1 - $3,537
WS2 - $3,284
WS3 - $2,810
Trading recommendations:
All long-term buy orders should be now closed as there is no good setup for entering this king of the trade yet. Only sell orders should be opened in any corrective moves up. The target for all sell orders is seen at the levels of $3,591.
