FLMBTC Next Bullish Signals

26 Sep 2023

💎A few weeks ago, #FLMBTC accomplished a significant feat by closing above a critical supply zone on the weekly chart, hinting at the possibility of a bullish reversal. However, it's crucial to exercise caution and seek further confirmations to enhance the probability of this outlook. Specifically, the MCP team is closely monitoring the current demand area. Should this area hold, it could pave the way for an upward surge, breaking through several pivotal resistance indicators. These key resistance points include the 50 Simple Moving Average (SMA), the downtrend trendline, and the Volume Profile resistance.

💎A notable observation is that all these resistance indicators have acted as formidable barriers during potential upward rallies. Therefore, the next significant bullish signal would be the breach of both the 50 SMA and the downtrend trendline. Subsequently, surmounting the Volume Profile resistance at 544 Satoshis would be a decisive turning point, potentially ushering in a long-term bullish trend. In such a scenario, we anticipate #FLM to embark on a journey towards the double Fibonacci resistance level around the 900 Satoshis area, signifying a remarkable 200% increase against #Bitcoin.

💎However, it's imperative to maintain a watchful eye on the current demand area, particularly on the weekly timeframe. If the weekly closing price dips below the critical level of 308 Satoshis, it would raise concerns of a prolonged downtrend or an extended consolidation phase.