FLOWUSDT
is lingering in a Bear block (overbought) arbitrarily ranging between 3.14 and 2.97. Daily metrics are a bit of a mixed bunch, Volume % change had a noticeable drop off. I wouldn't recommend using something as simple as RSI on FLOW, too shifty.
As I'm writing this, 1H candle is a real battle between Bulls and Bears.
It is important to be aware of how easy FLOW moves, +44.75% gain on a recent 4H candle, multiple examples of +10% on tiny volume are easily spotted on a FLOW chart.
My plan before deciding on a Long or Short FLOW trade, if any trade at all, I'll set an Alert for price crossing 2.92 and observe:
2 FLOW Setups
Long FLOW - 2.92 is tested and rejected twice, Long target 3.61
Short FLOW - price breaks below 2.92 on a second rejection, retests 2.92 and fails, Short target 2.50
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
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Comment:
Chart on 15M for extra precision
Comment:
FLOW took longer that I expected to confirm an entry, after price dropped below the ascending channel and rejected, that was as clear of a Short Entry as I hoped for.
For several days FLOW continued smoldering towards 2.50, no momentum, low volume, and some tiny news scare that turned out to be unrelated to the token.
I'll close my Short if the price goes back up to 2.60, otherwise I'll close it at the original target of 2.50
For several days FLOW continued smoldering towards 2.50, no momentum, low volume, and some tiny news scare that turned out to be unrelated to the token.
I'll close my Short if the price goes back up to 2.60, otherwise I'll close it at the original target of 2.50
