Weekly Range Update

Daily Chart XBTUSD @bitstamp

XBT / USD weekly price range $600-$635 | daily ALMA moving average is still up although its pace is slow, the main resistance remains the second price deviation line  above the VWAP at $ 635 while the support is always the VWAP at $ 565, the situation is not changing much from week to week with this slow buildup between 600 and 615 dollars.

I think is still valid the possibility that this accumulation will resolve with a move above 635 dollars because the ALMA average on the weekly chart has turned upward but again with not much speed. For those wishing to go short I recommend to wait at least $ 675 before trying and however i don’t recommend to do it if bitcoin reaches $ 670-675 in less than 24 hours.

The average RSI oscillator is approaching overbought area and this is a factor that worries me a bit because it could put an end to this slow rise that has lasted since September 22 when it did a small minimum at $593.

In the event of a sharp fall, as said many times is always very valuable the support around $420, now at $430 because the weekly tendency is still up and the support grow with time.

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