Weekly Range Update

XBT/USD weekly range.forecast at $425-$460 | daily moving average is bearish. Resistance is at VWAP near $445. Volatility increased but i think that we are seeing a bear trap, i expect an upmove that will carry XBTUSD just above the VWAP, RSI is low and it hadn’t been in oversold territory for a while this should increase the probability to see a rebounce from here. Strong resistance is always at around $480.

Generally speaking i think that there are no reasons to see the recent drop as a dump, in my opinion bitcoin fundamentals are looking strong and there is a lot to be bullish about this summer with segwit coming and halving.

bitfinexUSD  1439 Min 59 Sec   #5 2016-05-23  09_36_59.648

Italian version of the update here

Advertisements

One thought on “Weekly Range Update

  1. Pingback: Intraday Update – Bitcoin Trading Signals

Comments are closed.