Weekly Range Update

XbtUsd daily chart
XbtUsd daily chart

XBT / USD weekly price range of $690-$785 | ALMA daily moving average is slightly bearish, for this week the main resistance is the second price deviation line above the VWAP at $785 while the support I believe it is valid the VWAP itself at about $ 690.

The average daily RSI oscillator is not giving significant indications, it continues to remain above the mid point of 50. The RSI on the weekly chart is overbought but is just above the threshold of 70, it may still report the formation of a Top not having the bitcoin still broke decisively the $750 resistance.

In cases of extreme drop support is the price zone between $465 and $550.

Italian version here at bitchanger.

Advertisements

Weekly Range Update

eng.png
Daily Chart XBTUSD

XBT / USD weekly price range is $705-$750 | ALMA daily moving average is still rising despite a slight profit taking happened during last weekend that does not surprise me, very often amateur investors lose their patience or got scared with the result to sell and cash in their profits; in speculation the hardest thing to do is cut your losses short and let your profits run while amateurs tend to do the opposite.

The main resistance is always the third positive deviation line above the VWAP  at $800 and i still consider valid as support valid the first positive dev. line above VWAP at $705 while the VWAP is at $660.

The daily RSI oscillator reacted after a test to the midpoint value of 50.The RSI on the weekly chart has entered overbought territory by a few margin but not yet completely saturated.

In cases of extreme drop support is now at $465.

Italian version here at bitchanger.

Weekly Top Estimate

Weekly Top Forecast
Weekly Top Forecast

XBTUSD cross has finally break through the first resistance above the mid-line of the price channel now at $640, same price level of the 2 month VWAP. In the attached chart I highlighted the price zone where I expect the next top will fall.

I believe that the next top will fall in this price zone, precisely between 770 and 910 US dollars; because of the long-term trend still up i think that bitcoin could make a maximum higher than the previous one of June, it is not excluded a Top around $ 900 as shown in the weekly chart.

What if i’m Wrong

It exists the possibility that i’m wrong if the dominant timeframe isn’t the weekly.
So what? Well we can switch to another timeframe for example the monthly chart. Here the price channel is much wider then the weekly chart, midpoint is at around $500 usd and the two positive deviation lines are at 870 and 1500 usd. Again we have a resistance similar to the weekly chart, around 870-900.

In order to prove that my weekly scenaro is wrong XBTUSD have to break above 900 usd with strong volume, as you know a High-Volume Breakout signal a move higher possibly to $1000 and beyond.

Weekly Range Update

eng
Daily Chart XBTUSD

XBT / USD weekly price range is $ 675-$760 | daily ALMA moving average is firmly upward since 26 September, the main resistance is always the third positive price deviation line above the VWAP at $760, i consider the first  positive price deviation line as support for this week at$ 675, our VWAP average is at $ 635.

The strong rise of the last four weeks is the consequence of the weekly cycle turned up in August. Now it remains to be seen if the market will be able to break through the $ 750 resistance with a move to the maximum target illustrated in my previouos update (the 870$-900$ price zone), it’s obvious that if XBTUSD goes under $ 675 with a possible minimum at the VWAP (~635 usd) then I believe that the Top at around 750$ is confirmed and we will see a correction in the weekly chart down to a new low, a low that will be probably above 450$ because the long term trend is still up.

The average daily RSI oscillator is in overbought zone and I think we can still ignore the information of this oscillator because the dominant timeframe is now the weekly one. The RSI on the weekly chart is not yet overbought but close to the 70 threshold.

In the event of a sharp fall the support is in the area $ 450-460.

Italian version here at bitchanger.com

Long Term Update: Weekly Chart

grafico-settimanale-xbtusd
Weekly Chart XBTUSD

In recent weeks the XBTUSD cross has finally accelerated to the upside after an accumulation period lasted two months, now it has reached the first resistance of the bullish price channel based on the weekly chart.

This area of resistance starts at $ 750 and ends at $890. I believe that the next top will fall in this price range, precisely between 750 and 890 US dollars. Because of the long-term trend still up i think that bitcoin could make a maximum higher than the previous one of June, it is not excluded a Top around $ 900 as shown in the weekly chart.

For those unwilling to risk it is not wrong to take profit at these price levels and eventually reopen the position once the $750 resistance level is broken.

Italian version here at Bitchanger.