Cryptocurrencies

FTM technical analysis

FTM seen from the 1D temporary we can see how the candlestick structure looks bearish, the previous candlestick closing below the ITZ point (important trading area) has caused bears to gain ground and we see it reflected in the current candlestick with its bearish momentum, the 1D demand zone located at 0.01802 does not seem to support the price for long, does not seem a very strong support, the major setup that shows FTM is a descending wedge so we should expect the price to form a new LL in or near the diagonal support of the figure, in the chart above I have drawn the possible trajectory that should follow the price in its path.

FTM seen from the temporality of 4H we can observe more closely the current movement of the candles, as we mentioned earlier, the price has been pushed violently down after the support drawn on the chart was broken by a horizontal blue color located at 0.02027, from here we should continue to see the price fall until we find the support of the larger figure, I have drawn the diagonal fall as resistance of the downward wedge, we see in the chart in blue.

In conclusion, when the price draws us a C point in the price range of 0.13 – 0.12 will be our best entry opportunity, the price should find strong demand that drives the price towards our target located in the price range of 0.02426 – 0.02554, we can make very good gains with this trade, however, I recommend as always to be attentive to the movement of candles in 1D and wait for the price to reach us.

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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