Weekly reviews

BTCUSD market technical outlook

Cryptocurrencies

Weekly chart:

Mid-term forecast for bitcoin is negative again. ADX indicator stands in the area of trending activity and actual target of downtrend is the lower Bollinger band (2391). Let’s note a substantial decay of this dynamic support (for more than 300 dollars!), that also speaks for scenario of new downward wave development.

Expectations:

Start of decline in direction of the handle 2391 dollars for a coin.

Trading recommendations:

Shorts towards 2391.