FTM → Fantom Falls to 200EMA! Long back to $0.53? Let's Answer!FTM marched to the upside with three pushes up in a bull channel touching $0.565, followed by a pullback with three pushes down and strong bull support. Is it time to long?
How do we trade this? 🤔
A long entry is nearly justified. Here's what we have in favor of the long bias; Three pushes up in a bull channel ending at $0.565, followed by three pushes down in a micro-bear channel with strong bull signal bars, and we have a good follow-through bars leading up to the price action being just above the Daily 30EMA. The Daily 200EMA is showing some strong support as well.
What we need is a break of the Daily 30EMA to justify to our long. You could argue a long is justified here simply by the data we already have, and I wouldn't argue against you; I would just say that Daily 30EMA is in the way, so this is a lower probability trade, but also less initial risk because your stop loss is closer.
I believe we need to be conservative longing at this stage in the crypto market, which is why I only advocate for a 1:1 scalp at a lower-than-maximum position size allowed for your trading strategy. I think Bitcoin and Ethereum have a larger pullback on the horizon, but do believe the market will come up a bit before it goes down.
💡 Trade Idea 💡
Long Entry: $0.403
🟥 Stop Loss: $0.323
✅ Take Profit: $0.483
⚖️ Risk/Reward Ratio: 1:1
🔑 Key Takeaways 🔑
1. Three pushes up in a bull channel
2. Micro Bear Channel forms with three pushes down.
3. Strong bull signal bars at Daily 200EMA
4. Suggested to wait for break of Daily 30EMA
5. RSI at 48.00 and above the Moving Average, supports long bias.
💰 Trading Tip 💰
The longer a trend continues after 3 legs, the probability of that trend continuing lessens. Because of this decreased probability, we ought to reduce our risk when entering trades.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
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1. Reading Price Action
2. Chart Analysis
3. Trade Management
4. Trading Psychology
Ftmprice
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 Closing in on Major Resistance. What's Next!?Fantom has been marching toward the next key resistance zones ($0.53 and $0.65) as Bitcoin inches toward it's major resistance area of $46,000. The crypto market is burning hot, most tokens are multiple legs into this bull run, what should we expect next?
How do we trade this? 🤔
FTM is clearly aiming to touch $0.53, that almost seems inevitable. What we need to watch out for in these areas is a strong sell response to the resistance zones. If we're going to look for the reversal trade, it is a *must* that we see a strong sell off followed by a re-test of resistance, then a strong bear candle confirmation on a new low. The goal is to get into the trend as early as possible (thus, reversal trading), but you can't short bull candles closing on their highs.
It's reasonable to continue long scalping on smaller timeframes like the 15m and 1hr charts. Our bias ought to remain long until that reversal opportunity shows up. My recent Lifetime Bitcoin analysis covers my rationale in looking for a strong reversal to the $20,000-$25,000 area before the next all-time highs are achieved:
💡 Trade Ideas 💡
Long Entry: $0.48
🟥 Stop Loss: $0.41
✅ Take Profit: $0.55
⚖️ Risk/Reward Ratio: 1:1
🔑 Key Takeaways 🔑
1. Bull Channel, Bias to Long.
2. Three Pushes Up, Looking for A 4th, Watch for Trend Change.
3. Ascending Wedge Breakout to the Upside, Target $0.53.
4. Look for Resistance at $0.53, Support, Potential toward $0.655.
5. RSI over 70.00, Watch for Pullback.
💰 Trading Tip 💰
It's reasonable to take half profits at 1:1 Risk/Reward on a swing trade and move the stop loss up to entry. This secures profits, and allows the latter half of your position to be executed without the worry of loss, improving trading psychology.
⚠️ 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 One More Leg Up to $0.53!? Lets Setup The Trade.Fantom has had 2 clear legs up in this Daily chart bull run. You could argue three if this current high *is* in fact the high, making it the third leg. My last analysis did not play out with the reversal at $0.38! Does that mean we should we be long here?
How do we trade this? 🤔
The answer is yes, but only in the near-term! If we are 2 or even 3 legs into the trend, that means our probability of profit longing is getting weaker to the point of where we need to consider shorts or at the very least, that a trading range is coming.
Right now we have a gap down to the 30EMA, we should wait until the price reaches at least that area with some bull signals and confirmation before entering any longs. This late in the game, consider scalping with 1:1 Risk/Reward and a relatively small position size since our probability in this direction is weakening. Set the protective stop below the 30EMA and grab at least 1:1 Risk/Reward and get out.
We also need to keep a close eye on Bitcoin completing its measured move to $46,000, a key level that could spell the end of the bull trend!
💡 Trade Idea 💡
Long Entry: $0.415
🟥 Stop Loss: $0.335
✅ Take Profit: $0.475
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Bull Channel, Bias to Long.
2. Two Clear Pushes Up, Third to Major Resistance?
3. Gap from 30EMA Support, Wait to Long.
4. RSI at 70.00 and above Moving Average, Short-Term long, Long-Term Short.
5. Watch Bitcoin to complete Measured Move to $46,000.
⚠️ 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 Time to Buy!? Or Will The Price Fall Back to $0.20?FTM is in a strong bull channel eyeing a target of $0.42 at the Weekly 200EMA! But with Bitcoin potentially pulling back, will it hinder FTM's chances of reaching the target?
How do we trade this?
The most important aspect of this moment is that FTM is in a bull channel, which means the probability of profit is greater when longing. There are no definitive reversal patterns yet, so we should be looking for long entries. Bitcoin may be signaling a minor pullback as shown in my recent analysis, and if that pans out, it may hinder FTM's ability to climb in price. This will likely bring FTM down to $0.325 at the bull channel support line, where we should look for either a bounce or breakout to the downside.
A bounce should consist of a bull signal bar followed by confirmation, a strong bull bar closing on or near its high. If the price falls through the channel support, we should be looking for a strong bear bar closing near its low followed by a test of the channel low. At this point, we should be looking for a short entry.
Key Points
1. Bull Channel, Always in Long
2. Weekly 200EMA Target
3. Gap to bottom of channel, $0.325
4. Bitcoin leading indicator, risk of pullback
5. RSI around 55.00, Wait for more Price Action.
You are solely responsible for your trades, trade at your own risk!
Let us know what you think in the comment section below!
