Weekly Price Range Update

eng
XBTUSD daily chart – VWAP + deviation levels

XBT / USD weekly price range is 1150$-1335$ | The market is still in a strong position above the VWAP and is near the resistance level of the previous week (1235$), if a break materializes above the first resistance level at 1245$ there is room for an attack to the all-time high around 1350 $; as support to my hypothesis there is the fact that the last two bottoms happened at 750$ and 900$, two higher lows reflecting the fact that the underlying trend is still firmly upward and it is causing higher highs and lows. With this logic the next maximum should be above 1300$-1350$.

The ALMA average is bullish and the RSI has entered overbought zone. From now on there is a tangible risk that a maximum on the daily chart is forming especially if there is a strong increase of volatility.

In cases of extreme drop the support area is now 700-875 USD.

ITA version here

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3 thoughts on “Weekly Price Range Update

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