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.