Weekly reviews

Weekly BTCUSD market technical outlook

Cryptocurrencies
Weekly chart:

Bitcoin continues to prepare a surprise in the shape of probable impulse movement after months-long flat. We see, that ADX indicator has entered the area of trending activity already, that speaks for scenario with steep increase of volatility.

The key resistance now is middle Bollinger band ($4300 for a coin). In case of this level break, spare room for further growth towards upper band (6333) will emerge (watch the red arrow).

In case the inability to overcome the 4300 level is confirmed, bears might launch sell-offs in direction of the lower Bollinger band (2140, black arrow).

Expectations:

Main scenario: Start of decline with mid-term target 2140.

Alternative scenario: Break above the 4300 mark and further growth with aim at 6333.

Trading recommendations:

  1. Below 4300 - shorts in direction 2140.

  2. Above 4300 - longs towards 6333.