Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the opinion of the author.
Bitcoin fell beneath the $20k mark in current hours. The failure of the bulls to defend each the $20.8k and the $20k ranges indicated that sentiment was nonetheless strongly fearful within the crypto market.
Fantom confirmed hints of a bullish break on the transfer to $0.25 two days in the past. This transfer was not sustained, and at press time the bias appeared to flip to bearish as soon as extra.
FTM- 4-Hour Chart
The H4 chart confirmed a bearish bias for FTM, nonetheless, this was flipped a few days in the past. The downtrend shaped a decrease excessive at $0.26, however the worth closed a session simply above this mark.
On the similar time, Fantom shaped greater lows as nicely, evidenced by the rising trendline assist.
But, this short-term uptrend broke down in current hours of buying and selling. The low at $0.22 was damaged, and the trendline assist as nicely.
FTM- 1 Hour Chart
On the hourly chart, the upper lows that the trendline touches are extra clearly seen. Up to now few hours of buying and selling, this trendline assist has been damaged. On the similar time, as a result of the value dropped decrease than a better low of the uptrend, a market construction break was witnessed.
Therefore, the construction now favored the bears, however due to the transfer to $0.255, the bias was extra difficult than an easy bearish one.
The break of the trendline assist instructed {that a} retest of the identical may provide resistance, and a transfer towards the lows at $0.2 may materialize.
The hourly RSI slipped beneath impartial 50 to focus on bearish strain. It has not been capable of climb above the 60 mark over the previous week. This meant the patrons lacked power. The Stochastic RSI shaped a bullish crossover within the oversold territory. This didn’t essentially point out a robust transfer greater for Fantom.
The OBV was unable to scale the highs from a few days in the past and signaled the dearth of shopping for strain as nicely. The CMF was additionally beneath -0.05 to indicate important capital stream out of the market.
Conclusion
The symptoms on the decrease timeframe confirmed bearish momentum and important promoting strain. On the H4 chart as nicely, the bullish bias was not notably sturdy. Slightly, a bearish bias was favored.
A retest of the previous trendline assist, now resistance, can be utilized to enter a brief place. A stop-loss above the $0.25 resistance will be thought of, whereas the native lows at $0.2 can be utilized to take a revenue.