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

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