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FLOW Technical Analysis: Bullish Dominance At $1.50 Under Threat

FLOW Technical Analysis: Bullish Dominance At $1.50 Under Threat


Cryptoknowmics
2022-10-11 09:58:08
FLOW Technical Analysis: Bullish Dominance At $1.50 Under Threat

The FLOW Technical Analysis highlights a consolidation breakout opportunity as the increased selling pressure teases an upcoming downtrend. The FLOW price action experiences an increase in selling pressure within the consolidation range, teasing a bearish breakdown. The bearish engulfing candle within the range gains support from increased trading volume, projecting a high potential bearish breakout entry opportunity. So, should you consider taking an early bearish position, or will the buyers remain dominant at bottom support? Key Points: The FLOW price action shows a bearish breakout entry opportunity. The price dump threatens a breakout of the $1.5 support level. The intraday trading volume in FLOW is $46.37 million. Source – TradingView FLOW Technical Analysis The FLOW price action shows a long-coming consolidation range in the daily chart within the $1.56-$1.71 mark. However, the recent increase in selling pressure leads to a 7.81% drop to create a bearish engulfing candle within the range. Currently, the daily candle shows a minuscule growth of 0.61% but with a long-tail protecting lower price rejection, signaling a bullish revolt. Moreover, the declining trend in the EMAs reflects a solid underlying bearishness. So, if the selling pressure grows, the downtrend continuation will break the crucial support level of $1.50, signaling a bearish entry opportunity. In such a case, traders see a 10% drop to the support level of ...

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