Technical market overview:
The BTC/USD pair has made another higher high at the level of $3,952.94, but the candlestick formation was very similar to the Pin Bar with a long upper shadow. It means the bearish pressure is rising and the bears are active sellers every time the price breaks above any horizontal resistance level. Another rejection of the current price level and sell-off continuation will result in next wave down towards the level of $3,726 or below as the projected target level for the wave (c) is seen at the level of $3,591. Any break through the level of $3,952.94 will invalidate the short-term bearish scenario and the market will likely make another higher-highs on its way to the level of $4,000.
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:
The market has returned to the consolidation zone and now there is no good setup to open buy or sell order. Currently, the market participants undecided where to go next. Traders should stay aside and wait for a better trading setup to occur shortly.
