Weekly reviews

Weekly BTCUSD market technical outlook

Cryptocurrencies
Weekly chart:

Bitcoin continues to be traded below the middle Bollinger band ($4337 for a coin). At the same time we need to note trending activity of ADX indicator, that may indicate a probable completion of accumulation phase and shift to distribution.

Thus we have key resistance 4337 to detect one of further scenarios - growth or decline (black and red arrows correspondingly). Target above is 6840 level (upper Bollinger band), below - 2140 (lower Bollinger band).

Expectations:

Main scenario: Touch of the 4337 level and then start of new long-term downward wave in direction 2140.

Alternative scenario: Break above 4337 and further growth in direction 6840.

Trading recommendations:

Looking for signals confirming one of scenarios at the 4337 zone.