Bitcoin has fallen below the $20k mark in recent hours. The inability of the bulls to defend the $20.8K and $20K levels indicates that sentiment in the crypto market remains highly feared.
Fantom showed hints of a bullish breakout on its way to $0.25 two days ago. This move has not been sustainable and at press time the bias appears to have turned bearish again.
The H4 chart showed a bearish bias for the FTM, however, this was reversed a couple of days ago. The downtrend formed a lower high at $0.26, but the price closed the session just above that mark.
At the same time, Fantom has also made higher lows, as evidenced by the growing trendline support.
However, this short-term uptrend was interrupted in the final hours of trading. The low at $0.22 has been breached as well as the trend line.
The hourly chart shows more clearly the higher lows that the trendline touches. Over the past few hours of trading, this trendline support has been broken. At the same time, as the price fell below the higher low of the uptrend, there was a fracture in the market structure.
Consequently, the structure now favored the bears, but due to the move towards $0.255, the slope was more complex than straight-line bearish.
A break of trendline support suggested that a retest of it could offer resistance and a move to the $0.2 lows could materialize.
The hourly RSI fell below the neutral 50 level, indicating bearish pressure. Over the past week, he failed to rise above the 60 mark. This meant that the buyers had no strength. Stochastic RSI has formed a bullish crossover in the oversold zone. This did not necessarily indicate a strong move up for Fantom.
OBV failed to rise to the high it reached a couple of days ago and also signaled a lack of buying pressure. The CMF was also below -0.05, indicating a significant capital outflow from the market.
Indicators on the lower timeframe showed bearish momentum and significant selling pressure. On the 4-hour chart, the bullish bias was also not particularly strong. Rather, a bearish bias was favored.
A retest of former trendline support and now resistance can be used to enter a short position. You can consider a stop loss above the $0.25 resistance, and local lows at $0.2 can be used to take profits.
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