Technical market overview:
The BTC/USD bulls are trying to move higher and the firsts attempt to break out from the triangle pattern has been made. Nevertheless, the local high was made at the level of $3,700 and then the price reversed back to the range. Currently, the price is testing the potential breakout from the upside and if successful, the move upwards should continue because from the Elliott wave point of view, the current price action is a wave 4 correction in progress, so there is wave 5 left anyway. The targets for wave 5 are seen at the levels of $3,763 and $3,850.
Weekly Pivot Points:
WR3 - $4,242
WR2 - $4,002
WR1 - $3,885
Weekly Pivot - $3,610
WS1 - $3,455
WS2 - $3,290
WS3 - $3,068
Trading recommendations:
After the spike up the traders should try to buy the BTC at one of the buyback zones: $3,591 - $3,631 with a solid protective stop-loss order. The targets should be placed at the level of $3,767 or even above as the impulsive wave progression will unfold.
