Weekly Range Update

bitstampUSD 1 Day #1 2017-10-23 10_40_21.867
XBTUSD Daily Chart

XBTUSD weekly price range 5630$-6360$ | Last week I had hypothesized a limited price activity within the most likely range, so it was except for the quick bottom done on October 18 where XBTUSD quickly recovered from the daily low.

The support area is similar to that reported in the previous update, ranging from 4900$ to 5650$, the resistance zone from 6360$ to 7080$.

I don’t expect to see a drop down to the first deviation line at $4900 although the RSI oscillator and its average are both overbought.
I believe that this will also be an interim week with the price remaining between 5630 and 6360 USD; I therefore find it unlikely that a strong bearish move will push bitcoin down to the 2-month VWAP at 4175$.
To conclude the first level to observe is 5630$, the next 4900$ and without unexpected negative news I see it impossible this week to go below 4900$.

In the event of an unexpected catastrophic news, the support area on the weekly chart remains unchanged at USD 2400-3100.

ITA Version at bitchanger.com

Weekly Range Update

XBTUSD dailychart
XBTUSD dailychart

XBT/USD weekly price range 5350$-6600$ | The most obvious thing for this week is that the XBTUSD cross will spend most of the time in a sideway movement between 5350$ and 6000$ considering that it comes from a rise with a strength never seen before since I follow bitcoin.

The buying area is the same reported in the previous update, ranging from 4700$ to 5350$, the resistance zone from 6000$ to 6600$.

The RSI oscillator and its average are both overbought as logical after the sharp rise seen in recent days. I believe that this will be an interim week with the price remaining between 5300 and 6000 USD, so I think a strong bearish movement is unlikely to push bitcoin down to the 2 months VWAP , now at 4100$.

In the event of an unexpected catastrophic news, the support area on the weekly chart rises to 2400-3100 USD.

ITA Version here.

Weekly Range Update: Yikes!!

bitstampUSD 1 Day #1 2017-10-13 08_18_24.109
XBTUSD tested VWAP 4th deviation line for the 1st time ever in its history

Updated weekly price range is 4730$-6600$ | It is interesting to note that the cross XBTUSD after two days of hesitation exactly on the second deviation line of our 2-month VWAP average then violently broke the resistance level to reach for the first time in its history the fourth line of deviation of the VWAP , this is a phenomenal sign of market strength.

Theoretically, the point where it broke the second deviation line (4800$) should now serve as a support in case of a price retracement but it is more likely that for the next two-three days the support level will be the third line at 5350$.
For who sold before these insane price levels it might be wise to enter again between 4800$ and 5350$.

Should the price levels, mentioned in this update, changes significantly I will keep you updated with Twitter.

ITA Version here.

Weekly Range Update

bitstampUSD 1 Day #1 2017-10-09 08_23_50.183
XBTUSD Daily Chart

XBT/USD weekly price range unchanged at 4300$-4800$ | The two bearish days of the beginning of last week had let me think that we would be back towards the 2 months VWAP  then from last Wednesday the market has returned to its original trend. These occasional weaknesses may indeed last a few days and then revert back to the original trend, which is currently on the rise.

The resistance levels remain unchanged for this week as well and are shown in the graph at 4800 and 5250 dollars.

The RSI together with its moving average have entered the overbought zone, before using this oscillator to open a bearish position, it must be confirmed by some pattern of reversal that at the moment I don’t see leaving therefore a margin for an eventual rise to 4800$.

Some of you often ask me about Bitcoin Cash, I had a support to about 0.080 but it was broken, the next support is at 0.058 which is a triple bottom along with the bttoms made on 6 and 16 August ’17. In general, Bitcoin Cash is clearly bearish, however in case of a strong bullish spike the first resistance is at 0.107

In the event of an unexpected catastrophic news, the support area on the weekly chart rises to 2200-2700 USD.

ITA version here

Weekly Range Update: Over 4300$

XBTUSD dailychart
XBTUSD dailychart

XBT/USD weekly price range at 4300$-4800$ | There is an unusual situation this week, the 2-month VWAP average is flat since the bottom of 15 September, therefore neutral trend for the short term. However, the market has surpassed the resistance value I mentioned last week, at $4300, this is a positive note.

To bring the short-term trend back to the upside we need to stay above $4300 at least for the whole week. The resistances shown in the graph range from 4800 to 5250 dollars.

In the previous update I had suggested to my readers a short term long operation from about 3600$, who followed this “trading idea” will surely have had a decent profit, I invite you all to keep this operation open as long as the XBTUSD cross will remain above $4300, below this level I suggest to close the position.

The RSI, as I said last week, has already given a sign of purchase that is now confirmed by its average which is on the rise, however we have not yet entered the overbought area leaving margin for a possible rise up to $4800.

In the event of an unexpected catastrophic news, the support area on the weekly chart rises to 2100-2600 USD.

ITA version here.