In this chart of
FTMUSDT
, we saw an apex pattern and I would consider bullishness for this coin because of these factors:
Triangle and its past. The specific pattern shown is a descending triangle from its prior uptrend movement from a daily and weekly timeframe, indicating a higher chance of a resistance breakout.
Respecting the elderly. In terms of the seniority, the current resistance line is formed in January 2022 while the support is two years old and six months older. In my trading experience, the old will have the "firmness" and conviction.
I also posted this on my past idea of this two-year support, true enough the market respected it.
Take note, price rejection can happen, plot your support lines on an hourly perspective as possible.
I would add more goodies in the comments down below.
Always PLAN your trades and happy trading!
FTMUSDT
, we saw an apex pattern and I would consider bullishness for this coin because of these factors: Triangle and its past. The specific pattern shown is a descending triangle from its prior uptrend movement from a daily and weekly timeframe, indicating a higher chance of a resistance breakout.
Respecting the elderly. In terms of the seniority, the current resistance line is formed in January 2022 while the support is two years old and six months older. In my trading experience, the old will have the "firmness" and conviction.
I also posted this on my past idea of this two-year support, true enough the market respected it.
Take note, price rejection can happen, plot your support lines on an hourly perspective as possible.
I would add more goodies in the comments down below.
Always PLAN your trades and happy trading!
Comment:
Comment:
After two days of observing the price movement for FTM, an ascending channel has been observed and since it is uptrend this pattern suggests a bullish move once again for FTM. But always take a grain of salt here... it could still reject if it breaks down on the channel.
Trade active:
Breaking down this chart below. First plotted Fibonacci and determine the 0.618 retracement of then-resistance line, $0.258. Upon the breakout, I entered a long position for FTM and identify my partial take profit area of $0.2856 which is a critical resistance. Also plotted a diagonal support for my protective partial stop area.
I still consider the ascending channel post as well for reference for a possible big bullish move :)
I still consider the ascending channel post as well for reference for a possible big bullish move :)
