Weekly Range Update: Elvis has left the building?

bitstampUSD 1 Day #1 2017-06-26 08_16_29.836
XBTUSD daily chart

XBT / USD Weekly Price Range is  1940$-2860$ | The Cross XBTUSD is retracing and I think it might reach the VWAP average at 1940$.
However, we must not forget that bitcoin remains in a strong position as long as it remains above the mid-term VWAP and in any case it must break down the 2400$ level (first positive dev.line) to confirm the short-term bearish trend.

The scenario for a new top at $ 3400 has been postponed and for now my January forecast of a maximum yearly excursion to $2900 is turning out to be correct.

As for the altcoins in general, I can say that we will see a general implosion of all altcoins, I’ve recently posted on twitter a mid-period level analysis for litecoin with the “KAMA v1.1” indicator that you can find on tradingview.com

To conclude, the average of the RSI oscillator is approaching the oversold zone and I believe that a buying opportunity might materialize over the next weeks.

In case of extreme fall, the support area is updated to $ 1100-1400.
ITA Version here.

Advertisements

2 thoughts on “Weekly Range Update: Elvis has left the building?

  1. George

    Great article with funny headline 🙂
    What do you believe the outcome will be within coming weeks with all those UASF and BIPs?

    1. I dunno but i usually rely only on the chart when making forecast. News has the effect to increase volatility and big news usually occurs at market top or bottom. The market is always building future expectations into prices and because the impact of new information depends on how unexpected the news is,only unexpected news has a major influence about price direction all other news just increase volatility.

      It’s hard to say which news would be unexpected like a failure of UASF or other scaling proposals like NY agreement of miners.

Comments are closed.