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.

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2 thoughts on “Weekly Range Update: Over 4300$

  1. Tobias

    Hi Enky
    – first of all: thanks a lot for your regular and profound analysis. I’m reading your blog for years, though I am pretty inactive in trading (just holding…).

    What do you think of Bitcoin Cash? Do you think it might recover, or is it wise to sell it now for BTC before the next fork, even at this price?

    Thank you!

    1. I don’t consider news, the chart discount everything. Said this BCH is bearish and 1st support is 0.074 , next support at 0.058 Personally i’ve sold part of my bcash few days ago, i’ll hold some just in case of a bitcoin fork, people might temporarily invest in bcash trying to hedge their btc investment.

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