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There was a descending triangle forming inside the 10200-10600 consolidation range and upon break of the short term uptrend line, XBTUSD fell roughly 6% and found support near 9650.
The price has now recovered by 2% and is trading around 9870.
It is facing short term resistances of 9920, 10050, and 10180.
Because VMA is resting above near 10200 resistance suggesting that the volatility is in bears' favor, further downside to 9650 is likely, possibly 9120 once that support breaks.
On the other hand in order for bulls reclaim the trend, they need to establish support above 10200.
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There was a descending triangle forming inside the 10200-10600 consolidation range and upon break of the short term uptrend line, XBTUSD fell roughly 6% and found support near 9650.
The price has now recovered by 2% and is trading around 9870.
It is facing short term resistances of 9920, 10050, and 10180.
Because VMA is resting above near 10200 resistance suggesting that the volatility is in bears' favor, further downside to 9650 is likely, possibly 9120 once that support breaks.
On the other hand in order for bulls reclaim the trend, they need to establish support above 10200.
Do you enjoy my content? You can support me by leaving a like!
