Weekly reviews

BTCUSD market technical outlook

Cryptocurrencies

Weekly chart:

About bitcoin in short: all is too bad.
We see an awful diagnosis for the coin - break of the lower Bollinger band on background of ADX growth. If such setup doesn’t mean anything for you, we offer you to remind the signal which triggered the stunning tumble of oil at 2014, when quotes from 95 dollars for a barrel has been falling 16 months in a row towards the 25th zone (watch the oil chart under the chart of bitcoin).

Thus we expect drop for another 1000 dollars shortly, towards the 3000.00 level, where the next psychological support resides. The next mid-term station for decline can be 1732.10.



Expectations:

So, we expect slump in direction 3000.00.

Trading recommendations:

Short-trades towards 3000.00.