Weekly Range Update: CBOE/CME is coming!

bitstampUSD 1 Day #1 2017-12-10 23_03_45.582
XBTUSD Daily Chart

XBT/USD weekly price range 11500$-19100$ | The resistance zone for this week is very wide but less than the previous week and ranges from 17500 to 19100 dollars, the support area around the 2nd deviation line, from 11500 to 11300 dollars.

Clearly, intraday volatility from tomorrow will increase due to the impact of CME and CBOE futures, so there may be very good buying opportunities if the price were to fall below $11500 for short periods of time. Given that the arrival of derivatives is not an unexpected news and I don’t expect any kind of impact on the current bullish trend, what we will see will only be an increase in intraday volatility as already proven in the past by academic studies.

Also this week to compensate for record volatility levels I refined again the coefficients to calculate the various VWAP deviation levels so as to have greater consistency with other indicators I use.

The RSI oscillator is always clearly overbought even if it has downloaded a little while keeping always above the threshold of 70; as long as there is this great force this oscillator will remain constantly above 70 and therefore it must always be contextualized the reading of RSI according to the condition of the market, today still in extreme force.

In the event of an unexpected catastrophic news, the support area on the weekly chart rises to 4100-5300 USD.

ITA Version here


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