FTT on the Horizon: Market Analysis and Projections

Technical Analysis Overview

• Current Price: $3.7605
  
  
• Weekly Trend: A decrease of 27.10%, indicating recent bearish sentiment.
  
• 1-Month Trend: An increase of 8.98%, showing some recovery.
  
• 6-Month and Yearly Trends: Impressive growth of 289.95% and 260.09%, respectively, highlighting a strong bullish trend in the medium to long term.
  

Advanced Technical Indicators

• Relative Strength Index (RSI): Approaching overbought territory, signaling a potential reversal or consolidation in the short term.
  
• Moving Average Convergence Divergence (MACD): Suggests a bullish crossover, indicating strong buying momentum.
  

Chart Patterns and Analysis

• Bullish Triangle Pattern: Indicating a potential breakout and continuation of the uptrend.
  
• Falling Wedge Patterns: Multiple patterns suggest a diminishing selling pressure and a possible trend reversal.
  

Unique Insights

1. Potential for a Major Rally: Analysts have identified key levels for a potential 10x payout, suggesting that FTT might be gearing up for a significant rally.
   
2. Impact of External News: News flow and external events, such as regulatory changes or developments within the FTX ecosystem, can have a substantial impact on FTT's price.
   

   Keeping an eye on these factors is crucial for understanding potential market movements.

Market Sentiment and External Factors

• Market Capitalization: $1.234B USD.
  
• Trading Volume Analysis: High trading volume of $191.331M USD with a significant volume/market cap ratio.
  

Recent News Coverage Impacting FTT

• FTX Trading and FTX Digital Markets Settlement (PYMNTS.com): A unified approach to valuing customer claims could impact FTT's valuation and distribution.
  
• Valuation Rules Set by FTX and Bahamas Liquidators (Bloomberg.com): Crucial for determining the valuation of FTT in bankruptcy proceedings.
  
• Unified Asset Distribution Deal (CryptoSlate): Streamlining the asset distribution process within the FTX ecosystem.
  
• FTX's Bankruptcy Exit Plan (Banking Dive): Involves valuing assets at their November 11, 2022, rate, affecting FTT's value.
  
• FTX's Crypto Asset Liquidation (Watcher Guru): The liquidation of $240 million worth of crypto assets, including FTT, could influence its market price.
  

Conclusion

1. FTT presents a complex picture with both short-term bearish and long-term bullish trends.
   
   
2. The technical indicators suggest strong buying momentum, but overbought conditions signal caution.
   
   
3. The recent news, particularly the settlement and bankruptcy proceedings, directly impacts the valuation and liquidity of FTT.
   

Comment:

Our first bullish flag on the 8HR.

Will continue to monitor for one on the 1D.

Comment:

second bullish flag on the 8HR.

Comment:

I will enter here at $1.60 as there is a squeeze happening here on the 8HR chart.
There is also somewhat of a "cup" forming along the price point of $1.60.

I will enter here, but a small amount of my position size.
I am going to see if it is shorted further to $1.135 (shown in my older images) and then CMP my position there some more.

Comment:

Update for February 20th, 2024:
There's an undeniable squeeze occurring on the daily chart. There is also evidence that it broke out of the converging triangle/falling wedge that was more-or-less validation for its previous price and downfall.

I am CMPing my position and doubling down here.

I don't ever use more than 20X on my positions and I always (try to) put forth 5% (OK, sometimes 10%!) of my balance for position sizes.

Comment:

Nothing special, as expected.