Weekly Range Update

Daily Chart XBTUSD
XBTUSD daily Chart

XBT / USD weekly price range is $720-$800 | Nothing new also for this week with the main resistance ($ 800) at the second deviation line above the VWAP while the support is the VWAP at about $ 720. As long as the bitcoin will maintain this upward tendency with reduced volatility the levels of support and resistance will not change much, going hand in hand with the advance of the price.

The average daily RSI oscillator is entering the overbought zone. The RSI on the weekly chart is in overbought and above the threshold of 70; despite being overbought for some weeks I think that a maximum on the weekly chart has not yet been done.

In case of extreme drop the support is the price area between 485 and $ 575 US.

XBTUSD alternative template
XBTUSD alternative template

Let’see now the daily chart template I use with Metatrader 4. As you can see the price levels are similar to VWAP and its deviation lines. At the moment the price is consolidating above the median line of the price regression channel preparing for a move up to $810 in accordance with the $800 resistance provided by the second deflection line of the VWAP. The area around 720-730 dollars will provide support in case of correction.

Italian version here at bitchanger.