Weekly reviews

Weekly BTCUSD market technical outlook

Cryptocurrencies
Weekly chart:
ADX indicator stands right near the trending area, that may indicate that market is poised to distribute accumulated volumes. The key resistance zone is middle Bollinger band ($4430), which opens way to the upper bands (and, correspondingly, an outlook of growth towards upper band, the 6840 handle). Thus while the 4430 level remains unbroken, we should consider probable slide of the quotes in direction 2140 (lower Bollinger band).

Expectations:

Main scenario: Touch of the 4430 level and then start of new downward wave in direction 2140.

Alternative scenario: Breakout above 4430 and start of new upward wave in direction 6840.

Trading recommendations:

Seeking for confirming signals at the 4430 handle.