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

Advertisements

6 thoughts on “Weekly Range Update

  1. Finn Johannessen

    Question on claiming Bitcoin Cash if you have the time: I have my Bitcoins in a Mutibit Classic wallet where they have been untouched for years. Can I just import the private keys from this wallet into for example the Electron Cash wallet in order to make the Bitcoin Cash visible and spendable? You read a lot that you should first transfer your Bitcoins to a new wallet and create new private keys for them so that you don’t by an oversight loose then in the process of claiming your Bitcoin Cash (since they both share the old keys). Is this a real problem or just for the over protective? I know very little about the the inside of computers and wallets so I want to juggle my coins as little as possible.

    1. It might be a real problem, personally i’ve moved all my bitcoins to a new address before importing private keys with a bitcoin cash client just because I DON’T TRUST any bcash software except Trezor Hardware Wallet. Better to be overly protective than fucked:)

  2. Aston

    Hi Enky, thanks for consistent technical analysis and posts. It really motivates me to trade more often. Do you consider joining covesting platform? It would be much easier for us to follow your trading , and you could earn some money for letting us follow

    1. I prefer to manage my own blog rather than use a third party platform. I’ll have a look to covesting, at the moment i’m already testing tradingview. Bye

  3. Fritz

    Hi Enky,

    Do you expect a huge correction in BTC price anytime soon?

    I sold my BTC at 4600 and it looks like it was a terrible decision. I could have made about a 20 grand profit within a few days just by holding my position a bit longer. I was offered free money and I did not took it.

    Should I buy BTC instantly in case a flash crash happens and at what price should I consider to rebuy?

    Thanks,
    Fritz

    1. Only for today the support range area is 4732$-5354$, due to this violent move the 2months vwap rose to 4111$ and it’s trending up togheter with deviation levels. For more than 6 years that I’ve been using vwap bitcoin never tested the fourth positive line of deviation, this is a phenomenal sign of strength.
      Why did you sold at 4600$? i publish every week a resistance zone, at least sell inside it:) for this week it was 4800$-5250$ with the 4th vwap deviation line at 5750$ in case of extreme price moves.

Comments are closed.