The cryptocurrency market has seen a sharp downturn over the past week, with Bitcoin dropping more than 25% from its previous levels. This aggressive sell-off has triggered cascading declines across multiple altcoins, reshaping technical structures and altering short-term outlooks. In this updated technical analysis, we examine the current price action and chart patterns of GMT, DOT, BTT, BAT, FLUX, and FIL to assess potential continuation of the bearish trend or signs of recovery.
We’ll be using 4-hour logarithmic charts for precision, focusing on key support and resistance zones, volume behavior, and pattern formations to guide our predictions for the coming week.
Bitcoin’s Crucial Support at $21,500
Bitcoin is currently testing a major support level around $21,500**—a zone that has historically acted as a psychological and technical floor. However, momentum remains bearish, and without strong buying volume in the next few sessions, a breakdown toward **$20,000 appears increasingly likely.
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A close below $20,000 could open the door to **$19,500, the next significant support. Conversely, bulls must reclaim the resistance at $22,500** to signal a potential reversal. Until then, fresh long positions should be avoided. The market may be setting up for a consolidation zone near **$28,500** in the longer term, but that scenario depends on a strong recovery that hasn’t yet materialized.
This macro-level weakness in BTC has heavily influenced altcoin performance—let’s dive into each asset.
GMT: Holding Key Support, But Bulls Remain Absent
Green Metaverse Token (GMT) plunged over 45% during the recent sell-off but managed to hold the critical support at $0.55**. This resilience prevented an extended drop toward **$0.43, offering a glimmer of hope for investors.
However, the absence of bullish momentum is concerning. On Thursday, GMT traded 6% lower, showing no sign of reversal. The immediate resistance lies at $0.81—only a sustained break above this level would confirm bullish re-engagement.
Until then:
- Avoid new long entries
- Watch for a close below $0.55 as a bearish trigger
- A breakdown could target $0.43 quickly
Traders should monitor volume trends closely. Without increasing buying pressure, GMT will likely remain range-bound or drift lower.
DOT: Bearish Continuation After Rejection at $8.85
Polkadot (DOT) tested our predicted support at $7.32** during the downturn, validating last week’s cautionary outlook. We previously advised against buying DOT due to its vulnerability near **$8.85, which has now flipped into strong resistance.
After briefly recovering to $8.85, DOT was sharply rejected—a classic sign of bearish continuation. This retest of the breakdown zone reinforces the downward bias.
Key levels:
- Resistance: $8.85 (must break for bullish shift)
- Next support: $6.36 (recent low)
- Break below could target $5.80
Given the current structure, traders should avoid long positions until DOT regains and sustains above $8.85. For now, the path of least resistance remains downward.
BTT: Vertical Plunge Confirms Downtrend
BitTorrent Token (BTT) saw a near-vertical drop of 30%, confirming the breakdown from its prior consolidation zone. The chart shows a clear breach of strong support, followed by weak反弹 (rebound) action.
BTT is now likely to enter a sideways consolidation phase at current levels. However, any close below the recent low could reignite selling pressure.
Trading strategy:
- No bullish reversal expected in the short term
- Resistance remains unflipped
- High risk, low reward for long entries
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The safest approach is to stay out of BTT until there’s clear evidence of structural recovery—something not visible on the 4H chart yet.
BAT: Pullback Structure Suggests Further Downside
Basic Attention Token (BAT) finally broke below $0.36, a level that had held for weeks. The breakdown led to a rapid decline, confirming bearish dominance.
Although bulls attempted a quick recovery, they failed to reclaim the broken support (now resistance), resulting in a textbook pullback pattern—similar to DOT.
Current outlook:
- Strong resistance at $0.36
- Thursday’s 10% drop shows bearish control
- No breakout likely without volume surge
Traders should only consider long positions if BAT closes and sustains above $0.36. Until then, the risk of further downside remains high.
FLUX: Volatile Rejection After 40% Spike
FLUX experienced extreme volatility, dropping over 30% after failing to bounce from key support. Interestingly, it saw a sudden 40% recovery in a single candle, only to reverse completely and erase all gains—forming a massive wick.
This “bull trap” indicates strong selling pressure at higher levels. Bears are firmly in control.
Critical level:
- Bulls need to push price above $0.62 to shift bias
- Failure results in retest of $0.40 or lower
Until FLUX shows sustained strength above $0.62, any rallies should be viewed as selling opportunities rather than reversal signals.
FIL: Trading Near All-Time Low – Highest Risk
Filecoin (FIL) has been one of the weakest performers, breaking through long-held support and reaching a new all-time low. The coin is now trading dangerously close to critical downside territory.
With no bullish structure in sight and sentiment overwhelmingly negative, FIL presents the highest risk among the assets analyzed.
Recommendation:
- Avoid FIL entirely for now
- No technical signs of bottom formation
- Potential for further decline if selling continues
This is not a contrarian buy opportunity—yet. Patience is key until clear stabilization occurs.
Summary of Altcoin Outlooks
| Asset | Current Structure | Key Resistance | Key Support | Trader Action |
|---|---|---|---|---|
| GMT | Consolidation | $0.81 | $0.55 | Wait for breakout |
| DOT | Bearish continuation | $8.85 | $6.36 | Avoid longs |
| BTT | Sideways / weak | Unflipped | Recent low | Stay away |
| BAT | Pullback | $0.36 | Below $0.30 | Buy only above $0.36 |
| FLUX | Bearish control | $0.62 | $0.40 | Watch for reclaim |
| FIL | New all-time low | None visible | ATL | Avoid completely |
Frequently Asked Questions (FAQ)
Q: Is it safe to buy altcoins during this market downturn?
A: Not without caution. Most altcoins are still in bearish structures. Only consider entries after confirmed breakouts with volume support.
Q: Which coin has the strongest chance of reversing soon?
A: GMT and FLUX show minor signs of stabilization, but neither has confirmed reversal patterns yet. Monitor $0.81 (GMT) and $0.62 (FLUX) for potential shifts.
Q: Should I short these coins?
A: Shorting carries high risk during extreme volatility. Use tight stop-losses and avoid over-leveraging unless you're an experienced trader.
Q: What does "flip resistance" mean?
A: It means price breaks above a resistance level and then uses it as support—a confirmation of trend reversal.
Q: How long might this bearish phase last?
A: It depends on Bitcoin’s ability to stabilize above $21,500. If it fails, expect another 1–2 weeks of downward pressure across altcoins.
Q: Are these predictions guaranteed?
A: No. Technical analysis is based on probabilities, not certainties. Always do your own research (DYOR) before making trading decisions.
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Market conditions remain highly volatile and risk-off. While opportunities may emerge from oversold conditions, premature entries could lead to significant losses. Focus on capital preservation, wait for confirmed reversals, and use strict risk management.
Keywords: technical analysis, price prediction, GMT, DOT, BTT, BAT, FLUX, FIL