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.

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