Weekly Range Update

XBTUSD dailychart
XBTUSD dailychart

XBT / USD weekly price range is 3200$-4800$ | Our beloved cross pair XBTUSD is showing strength and it will probably test for the first time ever the fourth price deviation line of the 2 months VWAP that I normally don’t use, this 4th line defines the upper bound of the resistance zone ranging from 4200 to 4800 dollars.

I think that XBTUSD cross could reach 4800 dollars this week or the next one considering that all the cryptocurrencies sector is going up massively with bitcoin taking the lead and rising with the fastest speed. Market is appreciating the recent efforts to improve bitcoin’s capacity.

The average RSI oscillator has returned above the overbought area and it will probably stay between 70 and 95-100 when bitcoin is so strong, ALMA moving average is bullish since the bottom of  mid July.

In case of extreme fall, the support area is 1900-2400 USD