Technical market overview:
The BTC/USD pair has made three sub-waves down to the level of $4,798, so clearly the corrective cycle is still unfolding. The main support zone is located between the levels of $4,709 - $4,759 and breakout below this zone will not be good for bulls, so they will likely defend it hard. Anyway, the market has bounced from the level of $4,798 and retraced 50% of the first wave of correction, but this move is still a part of a larger corrective pattern and the overall trend remains bullish.
Weekly Pivot Points:
WR3 - $4,530
WR2 - $4,354
WR1 - $4,258
Weekly Pivot - $4,077
WS1 - $3,989
WS2 - $3,805
WS3 - $3,717
Trading recommendations:
As the market enters the corrective cycle, only the buy orders should be opened due to the larger timeframe trend. Please keep an eye on the level of $4,709 as well as any breakout below this level will directly expose the next technical support at the level of $4,600.
