Fantom just broke bearish from this continuation pattern which is nestled inside a larger H&S pattern.
FTM also rejected pretty hard right at the top of the red ichimoku cloud.
Both patterns give a target price of around $2-2.2
I am expecting FTM to pull up a bit and touch the trendline it broke out of before continuing to the downside. This would be optimal as it would reset the RSI on lower time frames for a continued downward move.
I have set up on the chart my intended play with take profit and stop loss levels.
This is not financial advice. Trade at your own risk.
*NOTE* If fantom does not retest the trend line I will likely set up a long position after the price target has been reached. FTM needs to do this rather soon or else it will continue to fall, in accordance to the ichimoku.
FTM also rejected pretty hard right at the top of the red ichimoku cloud.
Both patterns give a target price of around $2-2.2
I am expecting FTM to pull up a bit and touch the trendline it broke out of before continuing to the downside. This would be optimal as it would reset the RSI on lower time frames for a continued downward move.
I have set up on the chart my intended play with take profit and stop loss levels.
This is not financial advice. Trade at your own risk.
*NOTE* If fantom does not retest the trend line I will likely set up a long position after the price target has been reached. FTM needs to do this rather soon or else it will continue to fall, in accordance to the ichimoku.