Weekly Range Update: flirting with resistance

bitstampUSD 1 Day #1 2017-06-12 09_28_13.020
XBTUSD daily chart

XBT / USD weekly price range is 2600$-3000$ | Our beloved cross pair XBTUSD slowed its rise last week with a contraction of volatility without being able to stay consistently above 3k USD.
However, we must not forget that bitcoin remains in a very strong position since weeks being above the first positive deviation of VWAP and for more than ten days above the second deviation.
For this reason, I recently added a fourth line of deviation above VWAP that I normally don’t use, this 4th line defines the upper bound of resistance zone ranging from 3000 to 3400 dollars.

I think that XBTUSD cross could reach 3400 dollars this week or the next one considering that all the cryptocurrencies sector is going up massively though bitcoin is the one that is rising at the least speed. I have no sure explanation for this but I could hypothesize that it is because a decent amount of liquidity is flowing into altcoins draining resources from bitcoin.

The average RSI oscillator has returned over the overcrowded area and it is now obvious that in this extreme power situation this oscillator moves from the level defining the overcompatible which is 70 to full saturation around 95-100.

In case of extreme fall, the support area is 1050-1350 USD.

ITA version here.