FTM/USDT: immediate short oportunity and not only... #staytunned

Fantom price today is $0,172048 USD, -12,44% in the last 24h, with a 24-hour trading volume of $20.414.531 USD. On the 4h chart we can see how the assets is currently in a bearish trend , with the trend line identifying lower lows (black line) and lower highs (yellow line), and a MACD below the trendline. The volatility is decreasing, as shown by the Keltner channel, underlying we are in the distribution phase of the market.
A descending triangle pattern has been spotted, with the breakout just happened at $ 0.18323 (still no vol. confirmation), therefore we can expect the price to fall to the next support level , this being $ 0.12 -0.1558 area. RSI index is currently at 28, indicating the asset is strongly overbought, therefore a quick price rise is expected: retest. For this reason I expect the price to retest the broken level of $ 0.18323, before continuing with the downtrend up to $ 0.12 -0.15 area. This can be a good occasion for daily traders ( +18%) for shorting.

ENTRY PRICE: $ 0.18688
TARGET I: $ 0.1558 (if the downtrend continues then)
TARGET II: $ 0.144
TARGET III: $ 0.131
STOPLOSS: $ 0.20

Personally, I expect the asset to reach the first short target and later I believe a reversal bullish trend will occur. The coin has very strong fundamentals, is almost overbought also on daily chart , it’s currently very under evaluated compared to the ATH , therefore I expect its price to rise significantly in the long trend, up to 10x potential. For this reason I would personally short up to the first target and later enter a long position at the same price.

On the 4h chart we can see how in the last days the price has continuously hit the lower band of the Keltner channels with the EMA acting as a resistance, but not the upper ones.

Today’s price broke the lower Keltner level and this can be an important signal for the bullish reversal: historically in fact, every time the lower level of the channel was broken, an immediate pullback to the EMA occurred, as pointed in the graph by the arrows. The fact that the volatility is decreasing and the channel is becoming thinner and thinner may imply that the price reversal won’t be so quick. In order to have an idea of when the reversal could occur I use Fibonacci time zones. This acted pretty accurately in predicting historical areas where a swing high, low, or reversal occurred, therefore the 55 vertical line may indicate the end of the bearish pattern , which is believed to be in mid August.

TARGET I: $ 0.18688
TARGET II: $ 0.201
TARGET III: $ 0.238
STOPLOSS: $ 0.13