This is a strange period! Rates are gone up 50 bps which translates into 2 rate hikes and the markets rallied instead of selling off! Nothing here makes sense!
And this pattern would be a cherry on the top of icing!
In almost every instance that VXX closed above 20 MA, market sold off and VXX had ~20% gain.
Success probability of the trade is really high.
Having said that, today's market price action was not in favor of this trade!