The current implied volatility is +- 1915$ from the current opening of the weekly candle, 19417$
With this in mind, we have an 80% chance that the market is going to stay within the range: TOP: 21280 BOT: 17555
At the same time, we can see that the average weekly candle, is around 8.5%
From the technical analysis POV, we can see that our asset is below EMA 50/100/200. At the same from the volume POV, we can see that currently our CMF is negative, indicating a much higher position on the bearish side.
Lastly, we can see that since June 2022, we have been within a channel of 24/25k - 17.5-18k, so if we are going on the daily close below 17.5, I believe there is a high chance the asset is going to continue the downfall movement.
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