FTM → Fantom Drop to $0.50!? Or Rush to $3.50? Let's Answer.FTM has shown immense strength during the crypto markets' bullish sentiment over the last 14 months. With a 611% increase from Fantoms' bear market low of $0.15 to the recent high of $1.21, does FTM have any more upside for us?
How do we trade this? 🤔
We're at a crucial point for the FTM price near a major resistance area peaking at $1.25. Two strong legs up from the support zone in a rough Measured Move with an RSI of 80.00 and above the Moving Average. The crypto market has given us more than the price action called for with Bitcoin hitting new all-time highs without touching lifetime support and before the halving. A long at this stage is not reasonable, at least not on the Daily or Weekly timeframes.
It's reasonable to wait for the price to fall toward the Weekly 30EMA and 200EMA between the $0.42 and $0.52 price range, this range will increase slightly as the pullback happens toward the $0.46 and $0.56 area. Therefore, it's ideal to target the $0.527 area for optimal Risk/Reward, setting a stop loss below the EMA ribbons at $0.285, the first take profit at 1:1 Risk/Reward ($0.77) selling half of the position and moving the stop loss up to the entry price, before the $0.97 resistance area. The second take profit should be set anywhere above the $1.25 resistance until a sell signal and confirmation are witnessed, but ideally, before the $2.00 psychological and minor resistance before the peak of the 2021 high.
💡 Trade Idea 💡
Long Entry: $0.527
🟥 Stop Loss: $0.285
✅ Take Profit #1: $0.77
✅ Take Profit #2: $1.98
⚖️ Risk/Reward Ratio: 1:6
🔑 Key Takeaways 🔑
1. Two legs up in a strong 611% bull run finding resistance at $1.21
2. Measured move played out
3. Bitcoin at all-time high resistance areas could impact crypto market sentiment
4. Gap between the current price and EMA ribbons
5. RSI at 80.00 and above the moving average. Supports a pullback.
💰 Trading Tip 💰
It's reasonable to take half profits at the first resistance target in a long trade or the first support target in a short trade. Using a 1:1 Risk/Reward Ratio for your first target, you can move your stop loss up to your entry price, locking in profits. This allows you to watch the rest of the trade execute without worrying about losing money, which helps improve trading psychology and the equity in your account.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and Follow to learn more about:
1. Reading Price Action
2. Chart Analysis
3. Trade Management
4. Trading Psychology
Fantomprice
FTMUSDT.4HAlright, let's get into the technical analysis of this Fantom (FTM) chart against Tether (USDT) on the Binance exchange from a first-person perspective as a trader.
Upon inspecting the chart, the first thing that stands out is that Fantom's price has been trending downwards recently as it's trading below the Ichimoku Cloud. This suggests a bearish market sentiment in the short to medium term for FTM. The price below the cloud often signifies that the asset is in a downtrend and that the cloud is likely to act as resistance on attempts to move higher.
The Conversion Line (blue) is below the Base Line (red), which traditionally means the bearish momentum is currently stronger. The Lagging Span is also below the price line and within the cloud, which reinforces the bearish outlook.
The pivot points on the chart show resistance at R1 and R2, with support levels at S1 and S2. Given the price is below R1, it is currently acting as a resistance level. If the price begins to rise, R1 is the first hurdle it would need to overcome before we can consider a change in the immediate trend. Conversely, if the price continues to fall, S1 and S2 are levels where we might anticipate potential support or a reversal.
The Relative Strength Index (RSI) is around 28.65, which is quite close to the oversold boundary of 30. This could indicate the possibility of a trend reversal or a pullback, as prices often revert back after hitting such extremes.
As for the Moving Average Convergence Divergence (MACD), the MACD line is slightly below the signal line, which typically suggests bearish momentum. However, both lines are very close to each other, so I'd watch out for any crossover which could signal a change in momentum.
In conclusion, FTM's current price action is bearish, but with the RSI being close to the oversold territory and the MACD lines close to a potential crossover, there may be a reversal on the horizon. As a trader, I would closely watch these indicators for signs of a momentum shift, especially any bullish divergence on the RSI or a MACD crossover above the signal line. Trading near support levels could provide a favorable risk-reward ratio, but it's important to wait for confirmation signals before making any trades, as countertrend trading can be particularly risky.
FTM → Is Fantom Gearing Up For a Short Scalp Opportunity? Yes.FTM broke out of its bull trend, failed to break above the Daily 30EMA and fell back down to $0.375. With Bitcoin and the rest of the crypto market following suit, are we ready to short?
How do we trade this? 🤔
Since my last FTM analysis, I provided this updated chart depicting what I believed was a likely outcome of the price action. A pullback from the downward momentum to the Daily 30EMA followed by a failure to break it:
FTM has begun to test the 30EMA and we have several data points that suggest a counter-trend trade is reasonable (probable); FTM has given us two legs down since breaking the bull trend, failed to break above the Daily 30EMA, RSI at 44.00 and below the moving average which gives FTM some room to fall.
If you're not already in a short, then we need to wait for another confirmation before a trade is justified. What we need is a final test and failure to break the Daily 30EMA around the price area of $0.40. From there, we can short half of our position to the low of the current candle ($0.375), take profits, move our stop loss up to our entry price, and then swing the rest of the position down to the Daily 200EMA support at $0.325.
Taking profits at the 200EMA is about a 1:1 Risk/Reward if our stop is placed just above the previous leg high at $0.445. That is a reasonable scalp, and the rest, being a bit lower probability of success, allows us to swing the second half of our position without the worry of losing money. We have to keep in mind that we're two legs into a micro bear trend after a three-legged bull run, this could be a two-leg trap. That's why we need confirmation below the Daily 30EMA to justify a short.
💡 Trade Idea 💡
Short Entry: $0.4175
🟥 Stop Loss: $0.4600
✅ Take Profit #1: $0.3750
✅ Take Profit #2: $0.3325
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Two legs down since breaking the bull trend
2. Failed to break above the Daily 30EMA
3. 9th Daily Candle Just Closed Below 30EMA
4. RSI at 44.00 and below the moving average which gives FTM some room to fall.
5. Bitcoin Showing Strong Reversal Signals, Impacts Market Sentiment.
💰 Trading Tip 💰
It's reasonable to take half profits at the first support target in a short trade, or the first resistance target in a long trade. You can then move your stop loss up to your entry price and watch the rest of the trade execute without worry of losing money. This helps improve trading psychology and the equity in your account.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and Follow to learn more about:
1. Reading Price Action
2. Chart Analysis
3. Trade Management
4. Trading Psychology
FTM → Fantom Above to Rush Downward Toward $0.29!? Let's Answer.Fantom has pulled back from its $0.46 high and closing the gap to the 30EMA. Are we about to fall through the EMA ribbons back down in the $0.20-$0.30 range?
How do we trade this? 🤔
Fantom is still in the bull channel, but has a few datapoints working against it. First, there have been three pushes up in the bull channel, a typical number of legs in a trend before the risk of trend change can become greater than the continuation. We also have an RSI at 57.00 and below the Moving Average, a weak indicator on its own, but supports the idea of a pullback or trend change.
The final piece to the puzzle is a retest of the $0.40 area after a fall to the Daily 30EMA. A strong bear candle closing on or near its low should give us enough probability to take a 1:1.5 short playing the reversal.
Until then, we should wait on the sidelines for more price action to confirm!
💡 Trade Ideas 💡
Short Entry: $0.400
🟥 Stop Loss: $0.470
✅ Take Profit: $0.295
⚖️ Risk/Reward Ratio: 1:1.5
🔑 Key Takeaways 🔑
1. Bull Channel, Bias to Long.
2. Three Pushes Up, Potential to Change Trend.
3. Gap from 30EMA and 200EMA Support.
4. RSI at 57.00 and below Moving Average, Bias to Short.
5. Watch for Bitcoin Trend Change at $46,000.
💰 Trading Tip 💰
The RSI is a weak indicator on its own. Coupled with price action analysis, it often complete the picture necessary to make a trade decision.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
FTM → Fantom at Risk of Falling to $0.28! Should We Short?FTM is holding steady in the bull channel going sideways at $0.38! This pattern indicates a continuation pattern to the upside for FTM, so why am I bearish?
How do we trade this? 🤔
FTM has had three pushes to the upside in this bull channel $0.24, $0.38, and $0.43, which is a typical leg count in a bull run before converting to a trading range or reversal. Bitcoin and the crypto market just had a monster sell-off at a key resistance level, and FTM's RSI is below the Moving Average at 59.00 which gives plenty of room to fall.
Do I think FTM is going back down to $0.20? We don't have evidence for that case yet. What we do have evidence for is a market-wide pullback from a burning hot bull run. I think it's reasonable to expect FTM to fall back to the previous support area of $0.28, an area we should look for a buy signal! Look for a strong bull signal and confirmation bar to enter the market for a 1:2 Risk/Reward Ratio. We have a ways to go before hitting this mark, we need to see the market status at the time to determine if 1:2 is a conservative ratio.
You could also short scalp this analysis, but I believe it's a bit too risky at the moment given FTM's bullish sentiment. Wait for more price action to determine if a short is reasonable. Until then, I would wait on the sidelines for the next moves!
💡 Trade Idea 💡
Long Entry: 0.295
🟥 Stop Loss: $0.260
✅ Take Profit: $0.365
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Bull Channel, Bias to Long.
2. Currently in 5-Day Trading Range.
3. Watch for a Right Shoulder Rejection to Form Head and Shoulders.
4. RSI at 58.00 and below Moving Average, Bias to Short.
5. Short Scalp Opportunity, But Would Wait to Long at Support.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
FTM → Fantom Blasts to $0.43 Weekly 200EMA! Will We Reverse!?Fantom had an excellent breakout of the previous resistance zones at $0.34 and $0.37 per my previous analysis. If you longed the suggested trade, you achieved a 1:3 Risk/Reward Ratio! What are the next moves now that we've hit the Weekly 200EMA?
How do we trade this? 🤔
Fantom is red hot to the upside making contact with the Weekly 200EMA, an expected resistance area. The Weekly candle closes in 1 day and 1 Hour, we need to see where the candle closes and what the next Daily candles show us. The RSI is at 70.00, most Crypto tokens are running hot and have hit some major resistance levels with their RSIs high as well. That includes Bitcoin, Ethereum, Cardano, the list goes on.
I think we're in for a decent retrace to let the market cool off. This could be the first bull leg up in the next bull run, signaling that the macro trend on the market is committing to the upside. However, I believe Bitcoin needs to take one more dip to $25,000 before new all-time highs, and the rest of the Crypto market will likely be dragged down with it.
Look for a pull back to the Weekly 30EMA and a strong bull signal and confirmation of Support. If we see a good Weekly candle closing on or near its high after a signal, a long position is reasonable. Now this long could be played many ways between the Daily and Weekly timeframe, I'm suggesting the following as a conservative measure and assuming the Alt market doesn't see previous all-time highs.
Long the $0.325 area, set a stop loss below the (so far) reliable $0.165 Weekly Support, and a few Take Profit areas. Take 1:1 Risk/Reward with half of your position at $0.50 and move your stop up to the entry price, then 1:3 R/R at $0.85 with half of your remaining position, then swing the remainder to 1:7 R/R. A reasonable area at $1.55 (2021 Left and Right Shoulders), but I wouldn't argue against letting it ride longer if the conditions are correct. It's too far out to speculate on the price action.
This is a multi-month trade that could go into 2025. More analysis will be coming for the lower timeframes!
💡 Trade Idea 💡
Long Entry: $0.325
🟥 Stop Loss: $0.150
✅ Take Profit #1: $0.500
✅ Take Profit #2: $0.850
✅ Take Profit #3: $1.55
⚖️ Risk/Reward Ratio: 1:7
🔑 Key Takeaways 🔑
1. Bullish Since Weekly Support - October 2023, Bias to Long.
2. Currently Touching Weekly 200EMA Resistance. Wait for Candle Close.
3. Wait for Weekly Candle to Close. If below 200EMA, expect Pullback.
4. RSI around 70.00, far above Moving Average. Supports Pullback.
5. Look for 1:3 Risk/Reward Opportunity. Swing Partial Position.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
FTM Fantom: In depth 1D Chart ReviewHello friends, today you can review the technical analysis idea on a 1D linear scale chart for Fantom (FTMUSDT).
The chart is self-explanatory. The price is currently inside a and meeting the local support line. The price is also in the red Ichimoku Cloud. Volume is declining and price is still below the EMA ribbons. If price moves lower, keep an eye on the 200 SMA and the Danger Zone Support Line. If price moves up, the price could go up to the Local Resistance Line with the RSI, and Stoch RSI moving up. MFI is almost at resistance. If RSI and MFI fall, keep a close eye on the Important S/R Lines.
Included in the chart: Trend line, Support and Resistance Lines, Ichimoku Cloud, Volume, RSI, MFI (Money Flow Index), Descending Channel, Double Top Formation, Stochastic RSI, and EMA Ribbons, and 50 and 200 Simple Moving Average.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
