Weekly Range Update

XBTUSD daily Chart with support resistance levels
XBTUSD daily Chart with support resistance levels

XBT / USD weekly range $605-$ 660 | ALMA daily moving average is bearish and the main resistance is the VWAP at about $ 660, first support at $605.

XBTUSD broke previous week support and is now in a weak position under $ 660 US dollars. The resistance zone is $ 660-710, I think that XBTUSD will remain below $ 660 this week with a second resistance at about $ 710. The volatility finally increased with a drop in the last weekend.

The weekly forecast remains bearish, I think we will continue to see the bitcoin below the VWAP at $ 660.

The only positive note is the RSI oscillator that entered in oversold territory after a while and could allow a bitcoin rebound in the next few days, rebound which should end at the VWAP ($ 660).

 

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5 thoughts on “Weekly Range Update

  1. Christian A also know as testianer

    Thanks for the update!

    How likely do you think it is that the first negative deviation line (or 600) won’t hold?

  2. Christian A also know as testianer

    Looks to me like we’ll soon see a downtrend on the weekly chart.
    Where do you think we’ll find support? Weekly SMA 20 is at 553, the long term SMAs 100 and 200 are down at 430…

    This could be a great long term buying opportunity, I think.

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