Weekly reviews

Bitcoin market technical outlook

Cryptocurrencies

Analysis method - “Trend’s Potential”

July 21, 2018

 

Weekly chart: Bitcoin recovered sharply towards the area of middle Bollinger band (7897.29). But there is a high probability of new decline from this level, that is indicated by countermove of ADX/RSI indicators bundle, that interpretes growth merely like corrective (not trending) movement.


Expectations: So, we expect touch of the 7897.29 level and then decline in direction 5200.00.

Trading recommendations: Shorts from level 7897.29 towards 5200.00.