Weekly Range Update

Daily Chart XBTUSD @bitstamp

XBT / USD weekly price range 625$-680$ | daily ALMA moving average is firmly upward with a good slope, this week the main resistance is again on the third price deviation line above the VWAP at 680$ while about the support I decided to consider the first positive price deviation line of the VWAP now @625$ , this support has been already tested on October 19 at the slight correction that happened that day, a correction that i was expecting last week in my update of October 17. After this correction i was expecting a resume of the uptrend up to $660, an upmove that promptly happened.
The bullish activity of the last two weeks has been the consequence of the weekly cycle that has turned upwards between the end of August and the first part of September.

The average RSI oscillator is in overbought zone and I think that bitcoin will ignore this indicator for a while and will remain overbought for a certain period of time because of the fact that the dominant timeframe is the weekly one. The maximum extension of this weekly cycle should be around $870 for the next weeks.

In the event of a sharp fall, as i said many times is always the very valuable support area around $440.

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