Cryptocurrencies

FET technical analysis

FET seen from the 3D temporality we can see how the current candle that ends session today, is closing until the moment above the resistance, to achieve close in this way, it is very possible that we see a strong bullish movement, I have also drawn a horizontal in the 2525 where you can see how the price tested the support correctly causing the current bullish movement.

FET seen from the temporality of 1D we can observe how the structure of candles is forming a known bull setup called cup & handle, to complete the setup, the price should reach our first take profit which is located within the price range of 3677 – 3811, in that zone is very possible that the price will find strong resistance that will make it go back briefly to the zone of 3200 – 3100 where it should complete the pattern and take a strong jump to our next objectives indicated in the chart above.

FET seen from the 12H temporality we can observe how the price inside the major figure has been touching the support and resistance repeatedly, coming down to the 1400 – 1600 zone where it has found a strong demand which has driven the price in a clearly bullish trend.

FET seen from the temporality of 4H I wanted to complement the analysis of 12H placing the point ITZ located within the price range of 3380 – 3530, the current movement should not have problems to overcome that zone, however, this point will be important to take into account as it will be our main reference once the price falls, I have drawn the possible trajectory that the price should follow in the brave correction making a pullback below the ITZ then make a strong move upwards.

In conclusion, it is a very good time to enter FET, it has an excellent bullish chart, in the short and medium term it has a cup & handle and the break up of the major figure, our first take profit is located within the price range of 3677 – 3811, our second take profit is located within the price range of 4281 – 4441 and our third take profit is at 5455, the price should not fall from the support of the current trend that we can see in the blue 4H image, this would result in an invalidation.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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