Weekly Top Estimate

weekly
In the previous update of 18 November I wrote that I would have expected a weekly Top in the price area between 770 and 910 US dollars. This week the cross xbtusd did a strong acceleration with an up movement of more than $ 80; these large movements concentrated in a single week can move the price regression channel that i use with MetaTrader 4, especially if they happen in a single price bar. The indicator adapts to new information that comes in projecting new supports and resistances levels with the effort to obtain a better fit of what is happening.

The new resistance zone ranges from $820 to $970 but you have to consider that if this week bitcoin price will continue to rise with this strength even this new resistance area will change again.

For those who are anxious to take profit or go short I strongly suggest to wait and see where this currency pair will form the next congestion zone on the daily chart.

For my italian followers here’s the italian version at bitchanger.com

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3 thoughts on “Weekly Top Estimate

  1. Enky, thank you for the update. Appreciate it!

    The 800’s are gone. Maybe the dominant timeframe isn’t the weekly but the monthly.
    We probably gonna rise fast until we hit some supply chop.
    Every dip is bought and volume is good.

    Where is the first resistance in the monthly chart? Also in the 970-area?

    For sure, your readers are looking forward to your 2017 outlook, like the one you did last year:

    https://btctrading.wordpress.com/2016/01/02/long-term-update-2016-outlook-with-entropic-methods/

    Have a nice Christmas. Great blog!

    1. monthly is diffferent, first resistance is now, the next (more intended for the whole 2017) is around 1600 usd. Keep in mind that with the monthly chart i’ve less data to compute an accurate volatility factor, thus the error is high. It might the monthly one the dominant timeframe, in this case chill a champagne bottle in a bucket of ice:)

  2. Pingback: Weekly Range Update – Bitcoin Trading Signals

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