Weekly Range Update: BCC? We don’t care.

XBTUSD dailychart
XBTUSD dailychart

XBT / USD weekly price range at 2200$-3140$ | For this week the range is similar to the previous one because the 2 months VWAP average is basically flat. Last week I was expecting a breakout outside the congestion range with a new maximum or a test down to the VWAP  at 2440$, this latter possibility occurred.
As long as the price continues to remain above the VWAP at 2440$, the situation remains positive.

As for the other indicators I use in this template, you can see that the ALMA mov.average is still up and the RSI has almost tested the overbought zone at 70.

As for the tomorrow’s event I see it as the mere birth of a new altcoin, I do not expect a big impact on the XBTUSD cross price as it is not an unexpected news and has already been discounted by the market , it might have the effect to increase volatility but I don’t think that tomorrow will begin a bearish move due to this event.

In case of extreme fall, the support area is 1300$-1650$.

Follow me also on Twitter where I started to publish charts on both bitcoin and some of the most important altcoins using the TradingView.com platform
ITA version here

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Weekly Range Update: new top ahead?

XBTUSD dailychart
XBTUSD dailychart

XBT / USD weekly price range estimated at 2400$-3120$ | For this week the range in case of low volatility could be 2600$-2880$, in case of volatility above normal we could see a range of 2400$-3120$ thus implying a new all time high above 2900$.

As you can see in the chart, the price remain bounded between two deviation lines, the first and second; this week the XBTUSD cross should break one of the two levels by retesting the VWAP or making a new all time high between the third and fourth price deviation lines (3120$-3360$).
As i said in some of my earlier updates I still expect a maximum above 2900$ for this year, I still believe that it will happen.

As for the other indicators I use in this template, you can see that the ALMA average is back to bullish and the RSI has quickly tested the oversold area below the threshold of 30 during the 1800$ bottom and now it quickly returned above 50.

In case of extreme fall, the support area is  1250$-1600$.

Follow me also on Twitter where I started to publish graphics on both bitcoin and some of the most important altcoins using the TradingView.com platform
ITA Version here.

Long Term Update

longtermupdate
XBTUSD Composite Index -Weekly Chart

This chart has been often proposed over the last few weeks for those who follow my updates on Twitter, it represents a weekly chart with my KAMA average and deviation levels. I’ve added 2 months and 1 year VWAP average to get a wider idea of possible valid support/resistance levels.

The sell-off of these days seems to have found support within a support price zone defined by the deviation levels of my KAMA average. It would be ideal to have the bottom above the maximum of the previous cycle, in this case the maximum done at 1350 $ last March 6, better would be to see the bottom inside the area between 1600 and 1900 dollars.
In the current rebound the 2-month VWAP average should act as resistance, for this week we should not see prices above $ 2300 and not below 1600$.

In case of further downside volatility a strong support is 1600$ and 1 year VWAP should provide support at 1150$ in case of a catastrophic event.

ITA Version here.

Short Term Quick Update: VWAP levels

bitstampUSD  1 Day   #1 2017-07-11  11_09_02.567.png
VWAP 2 months + dev.levels

As promised here updated VWAP and price deviation lines. VWAP rose to 2253$ giving a perfect support for yesterday price slump, i think that inside the 1900$-2250$ price zone many buyers will show up. RSI is low but not yet in oversold territory.

Weekly Range Update: Kama Levels

Kama Levels BTCUSD Composite Index
Kama Levels BTCUSD Composite Index

For this week I will use my KAMA indicator with deviation levels available on the TradingView platform for free, the weekly price range in case of low volatility could be 2400$-2650$, in case of normal volatility the expected range is 2300$-2760$.

In the attached chart, the XBTUSD composite index is used and it has been derived using the price data of seven bitcoin exchanges. The formula to use is as follows:

(Poloniex: btcusdt + btce: btcusd + bitfinex: btcusd + bitstamp: btcusd + coinbase: btcusd + kraken: xbtusd + ITbit: btcusd) / 7

This formula on tradingview.com generates a composite index of the XBTUSD cross making the average of 7 exchanges and adding all the volumes togheter, the seven exchanges used are:

  1. Poloniex
  2. BTCE
  3. BitFinex
  4. BitStamp
  5. Coinbase
  6. Kraken
  7. ITbit

Doing this is also useful to see the total volume activity that will give you better results if you are using volume based indicators.

This week, volatility dropped significantly and with the imminent closure of the symmetrical triangle, a pattern that, as I said in the previous update, expects a continuation of the underlying trend.
Next update will include VWAP and deviation levels, but you can still consider the deviation levels calculated by the KAMA average as enough reliable.

In case of a catastrophic event the support area is 1180$-1500$.

Follow me also on Twitter where I started tweeting charts about bitcoin and some altcoins too using the TradingView.com platform

ITA Version here

Weekly Range Update

XBTUSD dailychart
XBTUSD dailychart

XBT / USD weekly price range is 2400$-2880$ | The XBTUSD cross resists over 2400$ support but as I said last week there is always a risk that it breaks down towards the 2 months VWAP roughly at $1950.

With the ALMA daily moving average pushing bitcoin down and its effort to stay above 2400$ there is some sort of compression also visible in the chart as a symmetric triangle (descending tops and ascending bottoms), as I have said several times in the past  this pattern usually forms during a trend as a continuation pattern thus it should end with an upside breakout.

To conclude, the average RSI oscillator is in neutral zone near 50 and the RSI itself has stopped falling without ever entering the oversold area below 30.

In case of a catastrophic event the support area is 1150$-1450$.

Follow me also on Twitter where I started tweeting charts about bitcoin and some altcoins too using the TradingView.com platform
ITA Version Here