FX.co ★ Elliott Wave analysis of BTC/USD for 10/04/2019

Technical market overview:

The two orange lines on the chart might be helpful to determine whether the Ending Diagonal pattern on the BTC/USD market has completed yet or not. There is still one more wave to the upside missing in order to complete the pattern and the whole upward cycle since the 25th of March. The nearest support is seen at the level of $5,060 and if this support is violated, then another move down can unfold towards the level of $4, 928. Please notice, that the breakout from the Ending Diagonal pattern is very often sudden and severe, so it is worth to keep an eye on the current developments.

Weekly Pivot Points:

WR3 - $6,920

WR2 - $6,094

WR1 - $5,671

Weekly Pivot - $4,832

WS1 - $4,470

WS2 - $3,620

WS3 - $3,234

Trading recommendations:

The market needs one more wave to the upside so the longer-term buy order should remain open and the protective stop-loss might be moved higher to the level of $4,794. The daytraders should keep an eye on the level of $5,060 as any breakout below this level would indicate a deeper correction and further wave (4) development.