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FLOW Technical Analysis: Base Breakout Warns 15% Fall In FLOW Prices

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FLOW Technical Analysis: Base Breakout Warns 15% Fall In FLOW Prices

The FLOW price action shows the bearish power cracking the support trendline, and the recent retest brings a selling or profit-booking opportunity.  The FLOW price action shows a bearish breakout of the ascending trendline with a bearish candle of 6.39%. Moreover, the recent retest brings a selling opportunity as the retracement lacks volume support. So, should you consider shorting the recovery rally?

Key Points:

  • The FLOW prices retest the bearish breakout of the support trendline.
  • The bearish crossover in the MACD indicator.
  • The intraday trading volume in FLOW is $56.15 million.

FLOW Technical Analysis: Base Breakout Warns 15% Fall In FLOW Prices

Source — TradingView

FLOW Technical Analysis

The FLOW price displays a long-term bullish trend with the support of an ascending trendline sustaining an uptrend for three months. However, the recent reversal from the 50-day EMA results in a bearish breakout. On 15th September, the 6.39% bearish candle resulted in the support trendline breakout, ending the long-term uptrend. Currently, the bullish reversal retests the bearish breakout bringing a selling opportunity for sideline traders. If the selling pressure resurges, the FLOW prices will reach the bottom support level at $1.5, accounting for a 15% decline in market value. Moreover, the prolonged correction with a $1.5 breakout can result in a drop to $1.24. However, a reversal in market prices sustaining above the trendline will retest the overhead supply zone at the $2.15 mark.

Technical Indicators

The RSI slope shows a slight recovery in the nearly oversold zone, avoiding a drop to the oversold boundary at 30%. Moreover, the MACD and signal lines show a bearish crossover starting a bearish trend in histograms. Hence, the technical indicators reflect a solid underlying bullishness. As a result, the FLOW Technical Analysis takes a bearish standpoint and offers a selling or profit booking opportunity as the retest completes. Resistance Levels — $2 and $2.15 Support Levels — $1.5 and $1.25


Source: ethereum.today

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