Short Term Update: VWAP levels

XBTUSD daily chart

I think that XBTUSD is rebalancing itself after what i consider a buying climax bar of January 3.
It’s very important to stay above our mid-term VWAP at 840$ but considering the high volatility of these days it’s not excluded a test below it, eventually down to $720.

This price zone (720$-840$) might be a good spot where to buy because the overall trend is still up. I don’t think this drop will continue down to the yearly support of 500$ that i wrote about in the 2017 outlook of few days ago.

The daily RSI has been overbought for a prolonged period and its reading is around 50.

The situation with a very short term VWAP (7 days) see XBTUSD in a weak position below our average. With a move above 1010$ XBTUSD would regain some bullishness in the short term.


15 thoughts on “Short Term Update: VWAP levels

  1. Bryce

    That’s not the worst buy in the world, Martin, tbh. Just sit on it longer term. It will go back up. The only thing that socks is that it might take longer than you wanted to wait. But don’t be worried, as your post makes me think you are 🙂

    1. Martin

      Thanks for the support Bryce, I am worried! but not desperate. I’m really trusting Enky’s predictions (not going to blame him if they end up being all wrong either hehe). What bothers me is that I’m a complete NOOB (heck, I think that title is big for me) in stocks and commodities trading and sometimes my buys or sells are more of guts than maths and logic. I bought at 980 because it was 960 and started to rise. So I thought that was a good price to buy, it went up, but no so much to justify a sell in just one day. So I decided not to sell and a day later is at 830. Of course, everyone’s PRO with monday’s newspaper, but I feel that I missed a little profit there 😛 I’m thinking that if for monday the price is still low, I’m buying my other half position and hold to my full position untils its like.. idk… 1500 😛

  2. Christian A also know as testianer

    Would a slow drop to 750 invalidate the (long term, weekly/monthly) uptrend?

    1. No, it is normal a period of some weeks below the top but above previous low, this will not invalidate the long term trend.

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