Good morning! Hope everyone has had a good week!
Since last update, XBTUSD fell roughly 6% and has now recovered by 4%.
The price action is trading around 10300 within last week's consolidation zone.
The VMA (volatility moving average) is resting above near 10450, suggesting that the volatility is in the bears' favor.
Things are looking grim for bulls.
For a short term reversal, they will need to reclaim 10600/10700.
As long the price action trades below the VMA, I believe there is more downside - 10200, 9800, and possibly 9650.
Since last update, XBTUSD fell roughly 6% and has now recovered by 4%.
The price action is trading around 10300 within last week's consolidation zone.
The VMA (volatility moving average) is resting above near 10450, suggesting that the volatility is in the bears' favor.
Things are looking grim for bulls.
For a short term reversal, they will need to reclaim 10600/10700.
As long the price action trades below the VMA, I believe there is more downside - 10200, 9800, and possibly 9650.