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.