Cryptocurrencies

FTM technical analysis

FTM seen from the temporality of 1W we can see how the structure of candles has formed a pattern of inverted SHS as a signal of reversal of trend, the current candle is forming a hammer candle with strong buying pressure, still the candle is very young, however, if it maintains this momentum we could see it rise more or have the bullish movement in the next candle, if this happens, we should reach without problems our first goal of localized gain within the price range of 0.00000210 – 0.00000220, indicated within the above chart by the two upper horizontal black color, the highest target is also seen in the above chart located at 0.00000268.

FTM seen from the temporality of 1D we can observe more closely the current movement of candles where we see how the price has made us a throwback towards the resistance of the triangle previously rotated, the price has made a correct test with sail hammer above the horizontal, this is a strong signal of continuation of the bullish movement, I have marked with red and green arrows the points where the price was rejected by the resistance and after the break is turning it into an important support, the closing of the current candle has to be bullish to confirm, this test would be the second HL of the current movement so we should have a third HL higher before a much larger move that goes in search of the higher profit target.

In conclusion, FTM has an excellent bullish picture where the price has managed to overcome an important resistance in horizontal located at 0.00000159 and also the ascending wedge of the minor figure indicated by the dark blue diagonals, the closing of the candle in 1D should be bullish to confirm the test and continue in length, as long as the price stays above the horizontal mentioned above, the bull probabilities are high, therefore, I recommend to be very attentive to the action of the price in 1D and always remember to place your stop loss in each operation to avoid possible invalidations during the movement.

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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