Month: October 2016

Weekly Range Update

On By CryptoAdvisorIn Short Term Trading1 Comment
eng
Daily Chart XBTUSD @bitstamp

XBT / USD weekly price range 625$-680$ | daily ALMA moving average is firmly upward with a good slope, this week the main resistance is again on the third price deviation line above the VWAP at 680$ while about the support I decided to consider the first positive price deviation line of the VWAP now @625$ , this support has been already tested on October 19 at the slight correction that happened that day, a correction that i was expecting last week in my update of October 17. After this correction i was expecting a resume of the uptrend up to $660, an upmove that promptly happened.
The bullish activity of the last two weeks has been the consequence of the weekly cycle that has turned upwards between the end of August and the first part of September.

The average RSI oscillator is in overbought zone and I think that bitcoin will ignore this indicator for a while and will remain overbought for a certain period of time because of the fact that the dominant timeframe is the weekly one. The maximum extension of this weekly cycle should be around $870 for the next weeks.

In the event of a sharp fall, as i said many times is always the very valuable support area around $440.

Italian version here at bitchanger.com

Weekly Range Update

On By CryptoAdvisorIn weekly range update
eng
Daily Chart XBTUSD @bitstamp

XBT / USD weekly price range $590-$660 | daily ALMA moving average is firmly up, the main resistance it’s now the price zone from the second to the third price deviation line  above the VWAP ($635-$660) while the support is always the VWAP at $590.

The situation has finally resolved in an upmove from $610-$615 to $635-$640 because as I said several times the ALMA average on the weekly chart is bullish and pushing up. The daily RSI oscillator average is in overbought zone and I think the bitcoin might do a correction perhaps to $ 610-615 before resuming the uptrend.

In the event of a sharp fall is always very valuable the support around $435.

Italian version here at bitchanger.com

Weekly Range Update

On By CryptoAdvisorIn weekly range update
eng
Daily Chart XBTUSD @bitstamp

XBT / USD weekly price range $600-$635 | daily ALMA moving average is still up although its pace is slow, the main resistance remains the second price deviation line  above the VWAP at $ 635 while the support is always the VWAP at $ 565, the situation is not changing much from week to week with this slow buildup between 600 and 615 dollars.

I think is still valid the possibility that this accumulation will resolve with a move above 635 dollars because the ALMA average on the weekly chart has turned upward but again with not much speed. For those wishing to go short I recommend to wait at least $ 675 before trying and however i don’t recommend to do it if bitcoin reaches $ 670-675 in less than 24 hours.

The average RSI oscillator is approaching overbought area and this is a factor that worries me a bit because it could put an end to this slow rise that has lasted since September 22 when it did a small minimum at $593.

In the event of a sharp fall, as said many times is always very valuable the support around $420, now at $430 because the weekly tendency is still up and the support grow with time.

Italian version here at Bitchanger.com

Weekly Range Update

On By CryptoAdvisorIn weekly range update
eng
Daily Chart XBTUSD @bitstamp

XBT / USD weekly range $598 – $634 | ALMA daily moving average is bullish and the main resistance is the second price deviation line above the VWAP @$630 while the support is always the VWAP @$570 although i think it will remain above 595$ also this week.

A rise above $630 is close for the same reason i told you severa times in the past weeks, XBTUSD is slowly accumulating and the weekly ALMA moving average already turned up but its slope is very low for now, in the upcoming weeks there should be a final breakout above $630.

The RSI oscillator has moved to an equilibrium point around 50 and there is enough room for more upside movement till the overbought zone.

In the event of a sharp fall, as said many times is always very valuable the support around $420.

Italian version here at Bitchanger.com