Weekly Range Update

XBTUSD @bitstamp

XBT / USD weekly range $ 495- $ 640 | ALMA daily moving average is still bearish and the main resistance is the VWAP which adjusted to about $ 640 after the flash crash caused by Bitfinex.

I think the cross XBTUSD will remain below $ 640 this week with a second resistance at about $ 715. Volatility after the peak of last week is now stabilizing. The weekly forecast remains bearish, I think we will continue to see the bitcoin below the VWAP to $ 640. The actual price rebound could already be exhausted, if so then i expect a retest of the $565 price level.

The average of RSI oscillator is turning upward but has not yet given a bullish signal, it is at 26 and below the threshold of 30 that identifies the oversold zone.

Because of bitfinex exchange going offline i’m moving back to using bitstamp data.

This article at steemit
Italian version at bitchanger.com


2 thoughts on “Weekly Range Update

  1. Christian A also know as testianer

    Do you think it’s likely we’ll see a drop to -2 dev line? Things look very bearish at the moment.

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