Weekly Range Update: again at resistance

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XBTUSD Daily Chart – VWAP Levels

XBT/USD weekly price range 10500$-14400$ | The resistance zone for this week is very wide and ranges from 12000$ to 17000$ and is defined by the 2nd and 4th deviation line, we start the week again near a resistance but I think it is possible to reach 14400$ with a maximum peak at 17000$ eventually the week later near the CME bitcoin futures debut.

To compensate for higher levels of volatility I have increased the coefficients to calculate the various levels of VWAP price deviation lines so as to have greater consistency with other indicators that I use to compute volatility, supports and resistances; all this to ensure a good correlation between the different approaches I use.

We are very unbalanced to the upside and I don’t expect significant declines for this reason the support area is more narrow and ranges from 9250 to 10500 dollars just above the 1st deviation line.

The RSI oscillator is always clearly overbought with its average being saturated well above the threshold level of 70; these two conditions do not preclude a further push of the market at $14000 and until I see a slowdown on the weekly chart I will continue to ignore this oscillator.

In the event of an unexpected catastrophic news, the support area on the weekly chart is updated to 3600-4500 USD.

ITA version here.

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2 thoughts on “Weekly Range Update: again at resistance

  1. wings

    Hi Enky, First of all, thank you for your blog and your predictions. At the beginning I´d like to say I am fan of cryptoworld but stil more often I am asking myself if this grow of btc is normal or we are really in bubble. I mean why there is such vaue in btc or even dash eth and so on, when basically maybe 0,1% of btc holders using it for transaction and payments the rest of them (like me) are just speculant. How can be BTC usable like any other FIAT when it is so volatile. Noone wants sell goods and other day have a 2000usd loosage on it or if you imagine having payment from your employer … one day you can buy a car and tommorow just bread. Thats way I am bit worried if this is bubble or not also I think nobody can say if so or not….

    1. HI, it’s clearly a speculative asset at the moment, in the future when volatility will drop things will be different. please have faith!:)

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