Technical market overview:
The BTC/USD pair is unfolding the wave (3) of the overall impulsive development and now the highest level noticed was $5,060, which is way above the weekly pivot WR3 that was at $4,530. After such a dynamic move up the market will start a correction in the wave (4), but not today. The nearest technical support is seen at the level of $4,729.
Weekly Pivot Points:
WR3 - $4,530
WR2 - $4,354
WR1 - $4,258
Weekly Pivot - $4,077
WS1 - $3,989
WS2 - $3,805
WS3 - $3,717
Trading recommendations:
All the buy targets were hit with no problems, but the market moved too far too fast, so it might be a good time to close any open transactions with profit at the current price levels. Please keep an eye on the level of $4,729 as well.
