Fantom FTM FTM/BTC Possible short/medium term bottom reversal?
This is a riskier trade, as FTM has been in a clear descending pattern since it was listed on Binance.
However, there are some signs that a possible short term reversal may be soon approaching.
We have the first sign of a bullish divergence on the daily and all smaller time frames.
Volume accumulation is also clearly increasing in the last month as the price has fallen, typically indicating something may be brewing.
We're currently at the bottom range of a descending channel. The price must hold in this region or this idea is invalidated.
Possible short term targets are indicated by the yellow lines.
If FTM is able to close above both these targets, then that would indicate a new higher low has been formed and stronger chance of a much larger bull run.
Again, this is a high risk trade so manage appropriately and set a tight SL.
This is not financial advice.
However, there are some signs that a possible short term reversal may be soon approaching.
We have the first sign of a bullish divergence on the daily and all smaller time frames.
Volume accumulation is also clearly increasing in the last month as the price has fallen, typically indicating something may be brewing.
We're currently at the bottom range of a descending channel. The price must hold in this region or this idea is invalidated.
Possible short term targets are indicated by the yellow lines.
If FTM is able to close above both these targets, then that would indicate a new higher low has been formed and stronger chance of a much larger bull run.
Again, this is a high risk trade so manage appropriately and set a tight SL.
This is not financial advice.
Comment:
Still looking good, even on the 3 day.
Stoch pointing back up, strong bullish divergence. Volume definitely picking up. Seems to be a good amount of people loading up for a potential run. Hoping for a big one.
Stoch pointing back up, strong bullish divergence. Volume definitely picking up. Seems to be a good amount of people loading up for a potential run. Hoping for a big one.
Comment:
Thwarted by bitcoin.....
Need to close above 88 satoshis to confirm further upside.