Weekly Range Update: stronger then expected

xbtusd daily chart
xbtusd daily chart

XBT / USD weekly price range is 935$-1095$ |Last week the cross XBTUSD has been stronger than expected so for this week the resistance is raised to 1100$, the support remains the VWAP at 935$.
The ALMA average has turned upward with the break of the resistance at 1015$ while t
he oscillator RSI has given a sell signal last week that has been ignored by the market confirming the strength of the bitcoin-dollar cross. The RSI has however pulled away from the overbought zone but remained above the mid-point of 50, thus remaining in bullish territory.

In short, the market is strong and has ignored my bearish worries of seven days ago; regarding my long-term position opened since 2014 I’ll continue to maintain it until I see some serious bearish indications  on the weekly and monthly chart. I remind everyone that the average carrying price of my position is around 570$ (three units opened at 681$ , 615$ and 417$ ).

In cases of extreme fall the support area is updated to 650-760 US dollars.

ITA version here.

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6 thoughts on “Weekly Range Update: stronger then expected

  1. Thank you for the update Enky.

    Do you expect a retracement now at 1177, the +3 dev.line in your chart, now we passed the 1095-1100?

    Or are we going parabolic and is the weekly chart in play here? If so, where is the next resistance in your weekly chart?

    There are simply no sellers 🙂

    I appreciate your weekly updates. Thank you for your contribution and effort and sharing your knowledge.

  2. rookie101

    Indeed, a big thank you to Enky for sharing his analysis and most of all, it seems to me he’s among a very small number of honest people out here.

    Just take a look at reddit, the level of manipulation and confusion is at ATH every day 😉

    1. It’s a natural principle, as more a place is crowded as less vital/useful information can be found. True knowledge is for small groups.

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