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Summary
• Price action shows a bearish bias with several lower highs and failed rallies.
• Volume spiked during key support tests, indicating possible selling pressure.
• RSI remains below 40, suggesting short-term oversold conditions may persist.
• A bearish engulfing pattern formed near the 1.31e-6 level, signaling renewed downward momentum.
• Bollinger Bands show moderate volatility with price consistently near the lower band.
Market Overview
Flux/Bitcoin (FLUXBTC) opened at 1.31e-6 at 12:00 ET - 1, hit a high of 1.31e-6, and a low of 1.24e-6, closing at 1.25e-6 as of 12:00 ET. Total volume over 24 hours was 325,815.91, with turnover amounting to 407.64 BTC-equivalent.
Structure & Formations
Price action over the last 24 hours displayed a clear bearish trend, forming a bearish engulfing pattern near 1.31e-6 and testing a key support level around 1.25e-6 multiple times. The 1.3e-6 level acted as a minor resistance, and a series of doji and small-bodied candles near that zone indicated indecision. A 61.8% Fibonacci retracement of the recent 5-minute move coincided with the 1.25e-6 support, suggesting a potential floor for short-term buyers.
Moving Averages
On the 5-minute chart, the 20-period and 50-period moving averages remained below price, reinforcing the bearish bias.

MACD & RSI
MACD remained in negative territory with a bearish crossover in the afternoon. RSI dipped below 40 in the evening, signaling short-term oversold conditions. However, RSI failed to rebound above 50 following key support tests, suggesting weak buying interest.
Bollinger Bands
Volatility remained moderate, with price staying near the lower Bollinger Band for much of the period. A brief contraction in volatility occurred before the 17:30 ET hour, followed by a price breakdown below the 1.3e-6 level. This suggests a potential continuation of the bearish move.
Volume & Turnover
Volume spiked near key support levels, with the largest volume spike occurring at 1.25e-6 when price broke through the 1.26e-6 level. Turnover confirmed the bearish price action, with significant selling pressure evident during the afternoon and early evening hours.
Fibonacci Retracements
Fibonacci levels provided context for key support and resistance levels. The 61.8% retracement (1.25e-6) held briefly but was ultimately broken, suggesting further downside may be in play.
Given the bearish momentum and weak RSI readings, FLUXBTC may continue lower in the short term, potentially targeting the 1.24e-6 level. Investors should remain cautious, as a break below 1.24e-6 could lead to a larger-scale retracement toward 1.23e-6.
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