Catamenia prices slipped on Thursday as traders unwind their bullish bets from the lately bullish digital assets.

The FLOW/USDT exchange rate lost up to fifteen.22% New York morning, a precipitous reversal from Midweek when the pair closed at a one-month high of $16.99 following a 43.87% rally. Nevertheless, it continued its upside momentum in the early Asia-Pacific session, hit $18.44 before correcting lower.

Thursday's selloff in the Period market was broad-based and came in sync with a massive downside correction in the cryptocurrency market. For instance, Bitcoin, the flagship cryptocurrency that typically influences its digital nugget rivals, plunged more than than five% in the previous 24 hours. The second-best Ethereum dipped more than 8% in the aforementioned timeframe.

Top-x token performances in the previous 24 hours. Source: Messari

All and all, the cryptocurrency market was downwards $52 billion on a 24-60 minutes adapted timeframe as of 15:52 UTC.

Menses forms classic bearish pattern

More downside risks for FLOW appeared on an occurrence of a potentially bearish chart pattern dubbed equally Caput and Shoulders.

In detail, Head and Shoulders are bearish reversal structures that appear as a baseline—a.1000.a. neckline—with 3 peaks. The heart superlative is higher than the other 2. The smaller peaks are more or less of the aforementioned height.

Traders usually fill up their order below the neckline by calculating the downside target based on the high point of the head to the neckline. The altitude is approximately how far the price could motion after information technology breaks below the neckline.

FLOW's caput and shoulder setup (cerise peaks) with downside target (lower purple level). Source: TradingView

Catamenia appears to tick all the boxes so far, equally shown in the chart higher up. The cryptocurrency formed a middle summit—the head—higher up $18 and the other ii—the shoulders—within an approximately half a cent range of i another. Meanwhile, $14.522 served as a neckline.

The price broke beneath the support level with a slightly higher book and continues to move lower into the U.Due south. session. Its profit target, as per the Head and Shoulder's technical clarification, should be near $xi.567, based on the percentile distance between the head and baseline (~20%).

On the daily nautical chart, the path of to the lowest degree resistance as well looks skewed to the downside.

A downside correction towards brusk-term moving averages look possible. Source: TradingView

FLOW/USDT holds $13.6682 as its last line of defence as its relative strength alphabetize shows signs of correction later on closing in towards its overbought level (70). Should the selloff continue owing to market-wide bearish pressure level, the pair's next support levels would announced most its 50-mean solar day uncomplicated moving average (50-day SMA; the blue wave) and the xx-day exponential moving average (20-day EMA; the dark-green wave).

The Menses'due south fifty-day SMA SMA is currently around $eleven.78 and its twenty-mean solar day EMA is near $11.22. Its head and shoulder's downside target is right in the middle of the said moving averages.

Conversely, holding $13.6682 as back up would increment Period'south potential to retest $18.42 as resistance, followed past an extended upside move towards the $22.62-26.11 range.

VORTECS™ Score flipped green

VORTECS™ information from Cointelegraph Markets Pro meanwhile detected a healthier outlook for the FLOW market prior to the rally, with its overall merchandise volumes and Twitter activity upwardly by 520% and 269%, respectively.

Catamenia VORTECS™ Score (green) vs. Flow price (white). Source: Cointelegraph Markets Pro

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and electric current market place conditions derived from a combination of information points, including market place sentiment, trading volume, contempo price movements, and Twitter activity.

The VORTECS™ Score is currently relatively high at 78 and previously flipped green when ascent from 63 to 64 early July 8 hours before the price spiked to over $xviii.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading motion involves risk, you should conduct your ain research when making a determination.