Weekly Range Update: Bottom Done

XBTUSD Daily Chart

XBT/USD weekly price range 14300$-17500$ | This week we return to a lower volatility level for calculating VWAP volume deviation lines, so we have a third and fourth deviation line not as far apart as they were in previous updates. The trend remains steadily UP also because the minimum done at 11000 dollars is clearly higher than that of 12 November at around 5600 dollars; I therefore expect a new maximum in the weeks to follow above 20000 dollars.

For the resistance zone the most probable range is from 17k to 21k dollars while for the support zone the range is 11000$-14300$.

The RSI oscillator has dropped almost to the oversold area with its average at about 47 that still has to turn upward to confirm a reversal in the trend.

With the other template i follow with KAMA average and deviation lines i’ve some doubts that XBTUSD will go towards the interesting long term support zone of 7500-9000 USD.

In the event of an unexpected catastrophic news, the support area on the weekly chart rises to USD 4300-5800.

Italian version here at bitchanger.com


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