Weekly Range Update: stronger then expected

xbtusd daily chart
xbtusd daily chart

XBT / USD weekly price range is 935$-1095$ |Last week the cross XBTUSD has been stronger than expected so for this week the resistance is raised to 1100$, the support remains the VWAP at 935$.
The ALMA average has turned upward with the break of the resistance at 1015$ while t
he oscillator RSI has given a sell signal last week that has been ignored by the market confirming the strength of the bitcoin-dollar cross. The RSI has however pulled away from the overbought zone but remained above the mid-point of 50, thus remaining in bullish territory.

In short, the market is strong and has ignored my bearish worries of seven days ago; regarding my long-term position opened since 2014 I’ll continue to maintain it until I see some serious bearish indications  on the weekly and monthly chart. I remind everyone that the average carrying price of my position is around 570$ (three units opened at 681$ , 615$ and 417$ ).

In cases of extreme fall the support area is updated to 650-760 US dollars.

ITA version here.

Weekly Range Update

ita
XBTUSD daily chart – VWAP+RSI

XBT / USD weekly price range is 860$-1015$ | This week the cross XBTUSD appears a little weak now that the ALMA moving average has turned bearish, and the RSI oscillator average (white line) is on the verge of giving a bearish signal.

A test under the VWAP, under 940$, might be possible; if this scenario materializes then the 860$ support should hold well.

It is valid, as resistance, the first dev. line above the VWAP at about 1015$.

I remember that in any case as long as the price remains above our VWAP  average the medium-term uptrend remains intact.

In cases of extreme fall the support area is 635-735 USD.

ITA version here at bitchanger.com

Weekly Range Update

xbtusd daily chart
xbtusd daily chart

XBT / USD weekly price range $885-$1090 | As long as the XBTUSD pair remains above the medium term VWAP I don’t see any risks to the current uptrend to continue. The average ALMA is upwards since twenty days and the price has entered the resistance price zone published in the previous update, because of this I’m skeptic to see a further rise above $ 1090 without a correction considering also that the RSI oscillator has entered overbought territory, honestly I think that the odds of a correction are increased but the minimum should occur over the VWAP, above the $880 mark.

As support the VWAP is again valid and is updated to $885 even though first I consider as an intermediate support the $940 price level.

In cases of extreme fall the support area lies between 600 and 700 US.

Italian version at bitchanger.com

Weekly Update

eng
Daily Chart XBTUSD

XBT / USD weekly price range is unchanged at 865$-965$ | The XBTUSD cross remained above the VWAP and you can see in the attached chart that a price congestion is building up around $ 910; also for this week the main resistance is the price zone between the first and the second VWAP deviation line line between 965 and 1070 usd.
About support the VWAP is still valid and flat since several weeks,  around 865$.

The average daily RSI oscillator is approaching the overbought zone, i’ll observe carefully this market once the oscillator has come into this area (RSI above 70-80).

In cases of extreme fall the support area ranges from 600 to 700 USD.

Italian version here at bitchanger.com

Weekly Range Update

eng
Daily Chart XBTUSD

XBT / USD weekly price range is 865$-965$ | The XBTUSD cross has moved above the VWAP regaining a position of strength, for this week the main resistance is the price zone between the first and the second deviation line or the 965$-1070$ price range; This technical rebound should stop in this price range (970$-1070$ ) now we need to wait to see where will be done the next relative maximum to understand how it is positioned in the medium term, given the situation of the weekly chart I expect that the next top will be lower then the other one of 3 January done approx at 1170$.

As support it is valid the first negative deviation line VWAP at around $ 765 although I feel that the last minimum done at $750 is confirmed and i think to be right considering now the VWAP at 865$ as main support for this week and probably the next one.

The daily RSI oscillator average has reversed to the upside but without going into oversold first, thus great buying opportunities have not yet been materialized.

In cases of extreme fall the support area run from 590 to 680 USD.

ITA version here at bitchanger.com

Weekly Range Update

 

eng
Daily Chart XBTUSD

XBT / USD weekly price range forecast 750$-855$ | The main resistance is the VWAP at 855$ and because this market dropped below it for the first time in months we can consider the cross XBTUSD in a weak position and the top at 1140$ done on January 3 is confirmed; to understand how it is positioned in the medium term our beloved BTC’s we need to see where the next bottom will be done.

 

As support is valid the first negative deviation line of the VWAP at around 750$ although I feel that the next minimum might be around 640$ or the second negative price deviation line of our mid-term VWAP .

In the previous update I wrote about my doubts if the VWAP at 850$ would have hold a second time the decline from the top after stopping that drop already once; the market indeed fell further but remained inside the support area that I indicated at that time.

The average of the RSI daily oscillator has finally drop near oversold levels, not giving a buy signal yet.

In cases of extreme drop support is price area between 580 and 660 USD.

Italian version here at bitchanger.com

Weekly Range Update

eng
XBTUSD daily chart

XBT / USD weekly price range forecast 740$-970$ | The main resistance is the first positive deviation line of the  VWAP at 970$, about support I think is valid the first negative deviation line at about 740$.

I have doubts about whether or not the VWAP can hold the price for a second time after stopping the previous drop from the high of January 3. I believe that during this month we might see the price slowly drifting down to 740$.

The average daily RSI oscillator moved below the overbought zone technically giving a sell signal but for the moment I decided to ignore it waiting to see if the price will remain above or not our main support, the VWAP.

In case of extreme fall the support is the price area between 580 and 660 USD.

Italian version here at bitchanger.com

Short Term Update: VWAP levels

eng
XBTUSD daily chart

I think that XBTUSD is rebalancing itself after what i consider a buying climax bar of January 3.
It’s very important to stay above our mid-term VWAP at 840$ but considering the high volatility of these days it’s not excluded a test below it, eventually down to $720.

This price zone (720$-840$) might be a good spot where to buy because the overall trend is still up. I don’t think this drop will continue down to the yearly support of 500$ that i wrote about in the 2017 outlook of few days ago.

The daily RSI has been overbought for a prolonged period and its reading is around 50.

The situation with a very short term VWAP (7 days) see XBTUSD in a weak position below our average. With a move above 1010$ XBTUSD would regain some bullishness in the short term.

eng

Short Term Update: 7 days VWAP

eng
XBTUSD H2 Chart Bitstamp – VWAP 7 Days

XBTUSD remains pointed higher, but may see short-term weakness down to the 7 days VWAP at 1030$ (1040$ for kraken and 1000$ for btce exchange).

Waiting for a dip to support before looking for fresh longs; risks of momentum slowing is on the rise without retracement if price moves below the short term VWAP.

RSI is close to oversold and i think that in the next hours there should be an intraday bottom, good opportunity to buy if market stays above VWAP.