For reference please visit my first published $FET chart that pretty much ended up being picture perfect:
As we can now see the previous resistance became our new support which is depicted as the green zone .
We might already be looking at a new range (blue) here at roughly ~505sats down to around 495 I'd say as FET is showing good strength after some nice bullish moves in the right direction.
One could also argue we are looking at a cup and handle with possible outbreak scenario. While I'm not a huge fan of patterns the C&H is one of the wider spread ones and mentionable here.
This could also catapult us out of a new formed triangle in which I took the liberty of ignoring a huge wick which I personally put into the "fat finger" department as this can happen on lower volumes. (Although the volume is way up from 2-3days ago!)
If I would want to give the wick recognition this would simply form a channel instead of a triangle.
If the blue range does not play out we should still have the ~470 range (green) as a support/buy zone.
As we can now see the previous resistance became our new support which is depicted as the green zone .
We might already be looking at a new range (blue) here at roughly ~505sats down to around 495 I'd say as FET is showing good strength after some nice bullish moves in the right direction.
One could also argue we are looking at a cup and handle with possible outbreak scenario. While I'm not a huge fan of patterns the C&H is one of the wider spread ones and mentionable here.
This could also catapult us out of a new formed triangle in which I took the liberty of ignoring a huge wick which I personally put into the "fat finger" department as this can happen on lower volumes. (Although the volume is way up from 2-3days ago!)
If I would want to give the wick recognition this would simply form a channel instead of a triangle.
If the blue range does not play out we should still have the ~470 range (green) as a support/buy zone.