Weekly reviews

BTCUSD technical outlook


Weekly chart:

Bitcoin is currently being traded in the middle of lower Bollinger bands range, that appears to be the worst place to look for new trades. It’s related to Bollinger bands properties, when the price is equally likely either to continue decline in direction of the lower band ($2101 for a coin) or to be corrected towards the middle band (4862).

Thus during the upcoming trading week we can divide tactics for mid-term and long-term. Long-term tactics can imply placing the limit sell orders at the price of 4862, and mid-term - looking for local short and long-signals.


Main scenario: Continuation of upward correction in direction 4862.

Alternative scenario: Start of new downward wave in direction 2101.

Trading recommendations:

Looking for signals to confirm any of above mentioned scenarios.