Technical market overview:

The BTC/USD pair has been trading quietly inside of the horizontal consolidation between the levels of $3,812 - $3,894 for some time, but now is breaking out of this area towards the 50% Fibonacci retracement at the level of $3,986. If the level of 50% Fibo is violated, then the next one at 61% is seen at the level of $4,047. All of the moves up are in line with the bullish Elliott wave scenario, in which the market should be developing wave 3 of the lesser degree to the upside.

Weekly Pivot Points:

WR3 - $4,187

WR2 - $4.058

WR1 - $3,959

Weekly Pivot - $3,833

WS1 - $3,732

WS2 - $3,608

WS3 - $3,503

Trading Recommendations:

The overall trend remains bearish and there is a possible wave C waiting to unfold to the downside, so only the sell orders should be placed in this market. The next good level to open the sell order is $3,986 with a target at the level of $3,784. Any violation of the level of $4,047 will invalidate this trading setup.

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The material has been provided by InstaForex Company - www.instaforex.com




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