Bitcoin Weekly Range Update

XBT / USD weekly range $640-$ 710 | ALMA daily moving average is slightly bearish and the main support is the VWAP at about $640. XBTUSD remains in bullish position always above the VWAP since June 24, last week it tested$640 and reacted from there but generally speaking we are in a flat congestion between 630 and 680 dollars, for short-term traders i recommend to trade this price range accordingly (between the two extreme of 570 and 780 US dollars).

The resistance zone is $710-780, I think that XBTUSD will remain above$ 640 again this week with a first resistance at around $ 680. The volatility continues to be very low and this will have to be solved sooner or later with a breakout above or below the price range defined by the deviation of the VWAP lines indicated in the graph. The weekly forecast remains unchanged, I think we will continue to see the bitcoin confined in this price range, between 640 and 710 US dollars.

The RSI oscillator remains in a neutral position around 50 although is slowly orienting for an upward movement.

Original article at my blog btctrading.wordpress.com!

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