Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- The market construction on the four-hour chart was firmly bearish.
- Bulls can anticipate additional losses earlier than shopping for.
Bitcoin [BTC] slid beneath the $24k mark within the hours previous the time of writing. As issues stood, it traded at $24.1k, however the lack of ability of the bulls to interrupt out previous $25.2k has been uncovered. That is more likely to shift the market sentiment to the bearish facet over the following few days.
Learn Fantom’s [FTM] Value Prediction 2023-24
Fantom [FTM] retraced a big portion of the good points it made final week. The sellers had been dominant on the worth charts and merchants can search for alternatives to enter brief positions.
The H4 FVG has been crammed, will a bounce in costs observe?
On 13 February, FTM started its rally from $0.43 and reached $0.59 on Thursday, 16 February. From swing low to swing excessive, this rally amounted to good points of 45.7%. Throughout its surge upward, it left an imbalance on the 4-hour chart.
Highlighted in white, this space has already been crammed by the worth. It was unclear the place FTM will go from right here on. Nonetheless, an FVG left throughout an upward pump does present a response from the consumers upon a revisit. This might occur for Fantom.
If it does, a bounce in Fantom costs would happen. The $0.5-$0.51 space posed stiff resistance. On the identical time, there was an H4 bearish order block at $0.54, highlighted by the pink field. Due to this fact, this space may provide a super entry to brief sellers. The stop-losses will be set above the latest decrease excessive at $0.553, and take revenue targets lie at $0.473 and $0.43.
A extra aggressively bearish state of affairs may see costs rejected on the $0.51 stage following a bounce, with out reaching the order block. Alternatively, there may be additionally the potential of additional losses with no vital bounce from $0.49. In that case, a retest of $0.47 will be attention-grabbing to the sellers.
How a lot are 1, 10, 100 FTM value immediately?
Open Curiosity makes an attempt feebly to climb however sentiment was bearish behind Fantom
The one-hour Open Curiosity chart confirmed a exceptional downtrend over the previous few days. This started on 16 February, after the costs reached a neighborhood excessive. The dwindling OI, alongside falling costs, meant lengthy positions had been discouraged, and underlined some bearish sentiment.
Over the previous few hours, near $600k value of lengthy positions have additionally been liquidated. It stays to be seen if this could gas aa Fantom bounce to $0.53. In the meantime, the expected funding fee remained healthily constructive.