Weekly Range Update and intraday view

eng
XBTUSD daily and intraday chart + vwap and dev.lines

XBT / USD weekly price range is 1425$-1720$ | I’ve included a short-term view of the last 6 days, i think that XBTUSD will continue to follow the resistance and support lines of the 3 days VWAP.

This market, however, seems to remain very bullish together with all the other altcoins.
I consider 1700$ a good resistance level for this week.

The daily ALMA moving average is bullish without any signs of slowing down and the RSI is in the overbought area. When a market is so strong in my opinion it doesn’t make much sense to consider over-bought signals to open a short position because they aren’t reliable enough when the underlying trend is so bullish.

In case of a catastrophic event the support area is now 750$-1050$.

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3 thoughts on “Weekly Range Update and intraday view

  1. Enky, thanks for your weekly update!

    Do you think your resistance level 1900 from your yearly update posted 2 January 2017 is important here (remember this 1900 level is also ATH for gold in 2011, so wait for the headlines “bitcoin approaches the previous all time high for gold”), or do you think next level is above 2k (2300-2400)?

    1. there are 7 months left till year end and volatility is increasing, i don’t think 1900 will hold. Using historical volatility next level is around 2900, i’m not taking profit yet and i’m still long with 3 units at an average price of 549$. To pass 2900$ this year there are only 5% of possibility

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