Technical market overview:
The BTC/USD pair has hit the technical resistance at the level of $5,287 and then quickly reversed towards the level of $5,060 and even broke a little below it. The local low was made at the level of $4,901 and this might be the first wave of the corrective decline in wave (4). The next important technical support and a possible target for the bears during the correction cycle is seen at the level of $4,709.
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:
The target for the bulls, seen at the level of $5,164 has been hit, so all buy orders should now be closed as the market enters the corrective cycle. Please keep an eye on the level of $4,709 as well as any breakout below this level will directly expose the next technical support at the level of $4,600.
