Category: weekly range update

Weekly Range Update: Elvis has left the building?

On By CryptoAdvisorIn weekly range update1 Comment
bitstampUSD 1 Day #1 2017-06-26 08_16_29.836
XBTUSD daily chart

XBT / USD Weekly Price Range is  1940$-2860$ | The Cross XBTUSD is retracing and I think it might reach the VWAP average at 1940$.
However, we must not forget that bitcoin remains in a strong position as long as it remains above the mid-term VWAP and in any case it must break down the 2400$ level (first positive dev.line) to confirm the short-term bearish trend.

The scenario for a new top at $ 3400 has been postponed and for now my January forecast of a maximum yearly excursion to $2900 is turning out to be correct.

As for the altcoins in general, I can say that we will see a general implosion of all altcoins, I’ve recently posted on twitter a mid-period level analysis for litecoin with the “KAMA v1.1” indicator that you can find on tradingview.com

To conclude, the average of the RSI oscillator is approaching the oversold zone and I believe that a buying opportunity might materialize over the next weeks.

In case of extreme fall, the support area is updated to $ 1100-1400.
ITA Version here.

Weekly Range Update: flirting with resistance

On By CryptoAdvisorIn Short Term Trading, weekly range update
bitstampUSD 1 Day #1 2017-06-12 09_28_13.020
XBTUSD daily chart

XBT / USD weekly price range is 2600$-3000$ | Our beloved cross pair XBTUSD slowed its rise last week with a contraction of volatility without being able to stay consistently above 3k USD.
However, we must not forget that bitcoin remains in a very strong position since weeks being above the first positive deviation of VWAP and for more than ten days above the second deviation.
For this reason, I recently added a fourth line of deviation above VWAP that I normally don’t use, this 4th line defines the upper bound of resistance zone ranging from 3000 to 3400 dollars.

I think that XBTUSD cross could reach 3400 dollars this week or the next one considering that all the cryptocurrencies sector is going up massively though bitcoin is the one that is rising at the least speed. I have no sure explanation for this but I could hypothesize that it is because a decent amount of liquidity is flowing into altcoins draining resources from bitcoin.

The average RSI oscillator has returned over the overcrowded area and it is now obvious that in this extreme power situation this oscillator moves from the level defining the overcompatible which is 70 to full saturation around 95-100.

In case of extreme fall, the support area is 1050-1350 USD.

ITA version here.

Weekly Range Update

On By CryptoAdvisorIn Short Term Trading, weekly range update1 Comment
XBTUSD dailychart
XBTUSD dailychart

XBT / USD weekly price range at 2100$-2900$ | The VWAP is just below 1700$ and the XBTUSD cross is always above it confirming mid-term bullishness.

I have told you many times that when a market is in a very strong position it can move between the first and second price deviation line except for rare cases where it can be between the second and the third line.
From a couple of days back it’s above the second price deviation line and I think that the current rally will continue pushing the bitcoin towards 2900$.

The average of the RSI oscillator is just below the overbought area and I think that bitcoin will ignore this indicator that may remain overbought for a certain period of time due to the fact that the dominant timeframe is the weekly one and as mentioned earlier I think this aspect can push bitcoin over the previous maximum of 2750$.

In case of extreme fall, the support area is 1050-1450 USD.

ITA version here.

Weekly Range Update

On By CryptoAdvisorIn weekly range update1 Comment
XBTUSD dailychart
XBTUSD dailychart

XBT / USD weekly price range is 1930$ – 2360$ | The 2-month VWAP is slowly rising and is now about  1500$ which is an important support and as long as the price remains above it the underlying trend is be upward.

In the last update I mentioned that when a market is very strong it can move between the first and the second line of price deviation from the VWAP except for rare cases where it can be between the second and the third line; after last week’s sell-off the cross XBTUSD moved back between the first and the second deviation line between 1900 and 2400 dollars as you can see in the chart.

Considering the current level of volatility it is not excluded to see bitcoin again above 2400$ by the end of this week, the support area that i consider is 1930$ and as very solid support there is always the VWAP’s even though I think it is more likely that the intermediate support at approximately 1700$ will hold.

In case of extreme fall, the support area is updated to 980$-1350$.

ITA version here.

Weekly Range Update

On By CryptoAdvisorIn Short Term Trading, weekly range update1 Comment
eng
XBTUSD daily chart – vwap + dev.lines

XBT / USD weekly price range is  1230$-1480$. | The XBTUSD pair begins to approach the resistances on both the daily and weekly charts (see previous update for weekly chart), but still remains in strong position above the VWAP now at 1116$.
If there is a break of the first resistance level at 1360 $ there is room to rise up to the next deviation line positioned at approximately 1480$.

I’m reading here and there that because a new maximum has been made above the previous Top, that oscillators are all overbought, others worried about the low volume activity, because all of this many are thinking that an important ATH top is in. Personally I think there is room to go up to another hundred dollars before a correction appears, also i don’t forget that with bitcoin there is usually a volatility peak around a top, a peak that i don’t see yet.

To conclude our daily ALMA average is firmly up and the RSI as I said is in overbought territory. From now on there is the possibility that a maximum on the daily chart is near, just use a common volatility stop (there are many for free also at tradingview) to protect your long position.

In case of extreme fall, the support area rise to 730-930 USD.

ITA version

Weekly Price Range Update

On By CryptoAdvisorIn weekly range update2 Comments
eng
XBTUSD daily chart – VWAP + deviation levels

XBT / USD weekly price range is 1150$-1335$ | The market is still in a strong position above the VWAP and is near the resistance level of the previous week (1235$), if a break materializes above the first resistance level at 1245$ there is room for an attack to the all-time high around 1350 $; as support to my hypothesis there is the fact that the last two bottoms happened at 750$ and 900$, two higher lows reflecting the fact that the underlying trend is still firmly upward and it is causing higher highs and lows. With this logic the next maximum should be above 1300$-1350$.

The ALMA average is bullish and the RSI has entered overbought zone. From now on there is a tangible risk that a maximum on the daily chart is forming especially if there is a strong increase of volatility.

In cases of extreme drop the support area is now 700-875 USD.

ITA version here

Weekly Range Update

On By CryptoAdvisorIn Short Term Trading, weekly range update
eng
XBTUSD daily chart

XBT / USD weekly price range 1200$-1425$ | Also this weekly range has been calculated using twice the volatility level commonly used until the situation will stabilize after the great volatility seen during the Sec decision about the etf.

The average ALMA is about to turn upward and the RSI oscillator backed off from overbought territory but not yet gone into oversold.

I think we need a move to new highs around 1400$, it would be a good signal to confirm the uptrend. About the daily bar of 10-11 March i think that this market cleared weak hands, I am tempted to interpret this as a bullish signal.

In cases of extreme fall the support area is updated to 650-790 US dollars.

ITA version here.

Weekly Range Update: waiting the Sec

On By CryptoAdvisorIn Short Term Trading, weekly range update1 Comment
XBTUSD daily chart - VWAP Lines
XBTUSD daily chart – VWAP Lines

XBT / USD weekly price range 1125$- 1300$ | The range for this week is intended valid until the SEC decision of next 11 March whether to approve or not the first bitcoin ETF; this is an event that can create additional volatility that can push this market well beyond the 1300$ resistance or generate a violent correction down to the VWAP, now at ~950$.

The ALMA moving average remains firmly upward; as you can see in the left attached chart in a strong uptrend hardly the minimum of the day is below this reference average I use.

The RSI oscillator is in overbought zone and essentially confirms that the market is strong but still a top could be in the making. There is also a strong resistance in the weekly chart around 1370$-1400$.

In cases of extreme fall the support area is updated to 610-740 USD.

ITA version here at bitchanger.com

Weekly Range Update: stronger then expected

On By CryptoAdvisorIn Short Term Trading, weekly range update3 Comments
xbtusd daily chart
xbtusd daily chart

XBT / USD weekly price range is 935$-1095$ |Last week the cross XBTUSD has been stronger than expected so for this week the resistance is raised to 1100$, the support remains the VWAP at 935$.
The ALMA average has turned upward with the break of the resistance at 1015$ while the oscillator RSI has given a sell signal last week that has been ignored by the market confirming the strength of the bitcoin-dollar cross. The RSI has however pulled away from the overbought zone but remained above the mid-point of 50, thus remaining in bullish territory.

In short, the market is strong and has ignored my bearish worries of seven days ago; regarding my long-term position opened since 2014 I’ll continue to maintain it until I see some serious bearish indications  on the weekly and monthly chart. I remind everyone that the average carrying price of my position is around 570$ (three units opened at 681$ , 615$ and 417$ ).

In cases of extreme fall the support area is updated to 650-760 US dollars.

ITA version here.

Weekly Range Update

On By CryptoAdvisorIn Short Term Trading, weekly range update1 Comment
ita
XBTUSD daily chart – VWAP+RSI

XBT / USD weekly price range is 860$-1015$ | This week the cross XBTUSD appears a little weak now that the ALMA moving average has turned bearish, and the RSI oscillator average (white line) is on the verge of giving a bearish signal.

A test under the VWAP, under 940$, might be possible; if this scenario materializes then the 860$ support should hold well.

It is valid, as resistance, the first dev. line above the VWAP at about 1015$.

I remember that in any case as long as the price remains above our VWAP  average the medium-term uptrend remains intact.

In cases of extreme fall the support area is 635-735 USD.

ITA version here at bitchanger.com

Weekly Update

On By CryptoAdvisorIn weekly range update1 Comment
eng
Daily Chart XBTUSD

XBT / USD weekly price range is unchanged at 865$-965$ | The XBTUSD cross remained above the VWAP and you can see in the attached chart that a price congestion is building up around $ 910; also for this week the main resistance is the price zone between the first and the second VWAP deviation line line between 965 and 1070 usd.
About support the VWAP is still valid and flat since several weeks,  around 865$.

The average daily RSI oscillator is approaching the overbought zone, i’ll observe carefully this market once the oscillator has come into this area (RSI above 70-80).

In cases of extreme fall the support area ranges from 600 to 700 USD.

Italian version here at bitchanger.com

Weekly Range Update

On By CryptoAdvisorIn weekly range update1 Comment
eng
Daily Chart XBTUSD

XBT / USD weekly price range is 865$-965$ | The XBTUSD cross has moved above the VWAP regaining a position of strength, for this week the main resistance is the price zone between the first and the second deviation line or the 965$-1070$ price range; This technical rebound should stop in this price range (970$-1070$ ) now we need to wait to see where will be done the next relative maximum to understand how it is positioned in the medium term, given the situation of the weekly chart I expect that the next top will be lower then the other one of 3 January done approx at 1170$.

As support it is valid the first negative deviation line VWAP at around $ 765 although I feel that the last minimum done at $750 is confirmed and i think to be right considering now the VWAP at 865$ as main support for this week and probably the next one.

The daily RSI oscillator average has reversed to the upside but without going into oversold first, thus great buying opportunities have not yet been materialized.

In cases of extreme fall the support area run from 590 to 680 USD.

ITA version here at bitchanger.com