Weekly Range Update

engXBT / USD weekly price range forecast $760-$800 | Even this week the support/resistance levels remain the same, the main resistance is the second dev. line above the VWAP at $800 while the support is still valid the VWAP at $720 approximately but with these levels of low volatility i think it will be support the first dev.line above the VWAP at $760. This week we’ll see if there will be enough energy to break the $800 and reach the next resistance at $840 by year-end.

The average of the daily RSI oscillator is in overbought territory. The RSI on the weekly chart is slighty overbought just above the threshold of 70, despite being overbought for some continuous 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 495 and 590 US.

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2 thoughts on “Weekly Range Update

  1. Enky, what is the max extension according to the weekly chart price regression channel at the moment?
    Is this resistance still similar to the first resistance in the monthly chart (1. dev.line monthly chart)?
    In previous updates you talked about the 870-900 resistance area for both the weekly and monthly chart.
    Thank you for your time and analysis. Great work as always!

    1. now it’s around 960$ but it is moving up because of this strong price increase we are seeing. The regression channel constantly adapts to new information coming in.

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