Weekly reviews

Weekly BTCUSD market technical outlook

Cryptocurrencies

Weekly chart:

We take readings of two key indicators now. Indicator of mid-term target - lower Bollinger band points to the handle of $2076 for a coin and the trend strength indicator ADX shifted to correction, that indicates a probable local flat of the market at the area of local middle Bollinger bands aggregation (3500).

Thus we can claim, that any local signs of flat or growth - it’s nothing more than pre-actions before development of new downward wave in direction $2076.

Expectations:

Main scenario: Flat around the area of $3500 for a coin.

Alternative scenario: Start of decline in direction 3000.

Trading recommendations:

Search for local sell signals.