Good morning!
I hope everyone is enjoying their Labor Day Weekend!
Not much has changed since last update except that XBTUSD has managed to correct upwards slightly. However, it remains below the weekly pivot of 10000.
The short term resistances it faces are 9700 and 9900 whereas the supports lie at 9000 and 9300.
The 4H VMA (Volatility Moving Average) is resting above the price action near the 9900 resistance, suggesting that the volatility of the price action are in the bears' favors. So all long operations are to be considered counter-trend trades and to be taken with caution.
Most likely we'll see a run up to one of this resistances followed by a further drop to 9k provided that the price action remains below the VMA.
I hope everyone is enjoying their Labor Day Weekend!
Not much has changed since last update except that XBTUSD has managed to correct upwards slightly. However, it remains below the weekly pivot of 10000.
The short term resistances it faces are 9700 and 9900 whereas the supports lie at 9000 and 9300.
The 4H VMA (Volatility Moving Average) is resting above the price action near the 9900 resistance, suggesting that the volatility of the price action are in the bears' favors. So all long operations are to be considered counter-trend trades and to be taken with caution.
Most likely we'll see a run up to one of this resistances followed by a further drop to 9k provided that the price action remains below the VMA.