Weekly Range Update

XBTUSD dailychart
XBTUSD dailychart

XBT/USD weekly price range at 4000$-4850$ |The XBTUSD cross has seen a correction during the weekend moving back below the second line of price deviation, I see as important support for this week the price level at 4000 dollars, for those who are willing to buy I would suggest to observe the behavior of the XBTUSD cross around that level.
As already mentioned in the previous update, we must not forget that bitcoin remains in a strong position and has been long standing above the VWAP’s first line of deviation and that therefore these corrections are not worrying if limited to 2-3 days.

The average of the RSI oscillator is above the threshold of 70, confirming that the bearish signal of August 26-27 was a false signal as I assumed previously. This indicator is not recently giving clear indications because despite all XBTUSD is maintaining an upward trend without excessive volatility, elements that compromise the proper functioning of any technical oscillator.

In the event of an extreme fall, the support area is 2300-2800 USD

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