Weekly Range Update

XBTUSD daily chart
XBTUSD daily chart

XBT / USD weekly range $ 635- $ 710 | ALMA daily moving average rose upward and the main support is the VWAP at about $ 635. XBTUSD resists above the VWAP for almost a month. The resistance price zone is $ 710-800, I think that XBTUSD will remain above $ 635 also this week with a first support at around $ 670, which corresponds to the ALMA moving average I use. It remains to be seen if market participants will manage to push the bitcoin price over the resistance at $ 710, the volatility after a period of contraction increased again and it did it by pushing up prices rather than downward, a positive note that leaves some hope for a break above $ 710.

The RSI oscillator remains in neutral position around 50, yet there seems to be a trend strong enough to move above $ 710, at least this week.

Weekly Range Update

Daily Chart @bitfinex exchange
Daily Chart @bitfinex exchange

XBT / USD weekly range $ 625-$ 710 | ALMA daily moving average is slightly bearish and the main support is always the VWAP at about $ 625. XBTUSD resists above the VWAP and several times the price has attempted to move below it without particular success, this support level (@625$) has been broken in some cases slightly and then quickly recovered. The resistance zone is $710-$800, I think that XBTUSD will remain above the $625 this week, otherwise I see the area $540- $ 580 as a very important one. $580 is the mid-level between VWAP and -1 dev.line at $540.

The oscillator RSI after having touched the oversold area has rebounded and now is in the neutral zone around 50. The halving of block from 25 to 12.5 bitcoins for now has not led to an increase in volatility.

Italian verso here at Bitchanger

Mid-Week Range Update

imageXBT/USD range till sunday $625-$740 | daily moving average is bulllish but slowing down and main support is at VWAP near $625 , i expect less volatility these days while the halving is coming next saturday. Eventually sunday after the halving the market might spike up to the resistance price zone 740-800 usd.

RSI oscillator average is near oversold territory and reversing to the upside, i don’t expect this market to move below $620.

Weekly Range Update

XBTUSD Daily Chart Bitfinex
XBTUSD Daily Chart Bitfinex

XBT/USD weekly range.forecast $610-$735 | daily moving average is bearish and main support is at VWAP near $610. XBTUSD is resisting above the VWAP after a quick test below the support i mentioned in the previous update around $585, support broken but quickly regained.

Resistance price zone is $735-860, i think that XBTUSD should remain above $610 but if it starts to spend too much time below it then i think that a new low is ahead in the support price zone $485-$610 with the RSI oscillator that which will probably become oversold by then.

Italian version here at Bitchanger

Short Term Update

imageThe updated chart shows how the VWAP dynamic support (calculated with two months of data) coincides with an old resistance now turned support. I think this will be a key support to be observed in the coming days and will tell us if the bullish move has finished or not.

Because of high volatility the support area is big and XBTUSD is right in the middle, RSI is giving a sell signal this doesn’t mean a drop instead XBTUSD might go lateral for few weeks before resuming the uptrend. Any weakness below $580 would be interpreted as a definitive end of the current big upswing.

Italian version here at bitchanger.

Weekly Range Update

2201XBT/USD weekly range.forecast $725-$870 | daily moving average is bulllish and main support is at VWAP near $580. XBTUSD continues to stay all the time above the first positive deviation line of the VWAP, a bullish behaviour.

In case of a strong price correction i’m looking at the $580 support as an interesting buying zone where to further increase my long-term position; position with a size of 3 units (150 btc) at an average price of $549.

Italian version of this update here at Bitchanger.

Thank You

Since May 2016 I’ve seen a strong Bitcoin price rally after the breakout of the $500 resistance.

“Move fast for profit regardless security and customer satisfaction” may be applied to companies but not for a true decentralized cryptocurrency like Bitcoin.

I want to thank Bitcoin Core for the very conservative approach to its development. Core has been doing a supreme job maintaining the reference client, making sure that the network is running smoothly and insuring that the 11 billions $ market cap doesn’t decline due to bugs in the software because of developers negligency like happened today to another altcoin.

Thanks again for doing a great job.

Project maintainers

Contributors

  • Dr. Pieter Wuille

  • Cory Fields

  • Gregory Maxwell

  • Luke-Jr

  • Jorge Timón

  • Peter Todd

  • Patrick Strateman

  • Dr. Johnson Lau

  • Suhas Daftuar

  • ฿tcDrak

  • Michael Ford

  • paveljanik

Mid-Week Range Update

XBTUSD Daily Chart @bitfinex
XBTUSD Daily Chart @bitfinex

XBT/USD range till sunday $650-$770 | daily moving average is bulllish and main support is at VWAP near $540 but as i said earlier this week when the market is strong usually the first positive deviation line is very good as support, now at $650.

The odds now are for a retracement, i suggest to observe market behaviour around the alma moving average and first vwap dev.line both at around 650 dollars.

Weekly Range Update

weekly range enXBT/USD weekly range.forecast $610-$800 | daily moving average is firmly bulllish and main support is at VWAP near $520 although when the market is strong usually the first positive deviation line act as main support; now at $615.

In my previous weekly range update i was thinking that XBTUSD was going to add another 50$-60$  in the current up-cycle and it happened. Right now i’m observing market behaviour around the static resistance of $680, apparently XBTUSD is going to break this resistance and skip the scenario of a substantial price correction.

Aniway in case of a strong price correction i’m looking at the $520 support as an interesting buying zone where to buy the dip.

ITALIAN VERSION OF THIS ARTICLE HERE AT BITCHANGER.COM