Technical market overview:
The BTC/USD pair has been trading quietly inside of the horizontal consolidation between the levels of $3,812 - $3,894. The whole move up from the level of $3,673 is still being considered as corrective anyway as it had unfolded in three waves only so far. The market might still be unfolding the wave 2 of the higher degree which means there is another leg down waiting to be made anyway. The target for the wave C of the wave 2 is seen below the level of $3,655.
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 stop order is $3,871 with a target at the level of $3,784. Any violation of the level of $3,952 will invalidate this trading setup.
