It will soon be Crunch Time for our FET chart ! As you can see - after our big rise - we've been in this triangle for a couple months - consolidating but being supported by our higher timeframe Ichimoku clouds also (3 day and weekly . ) It seems by June 5th we will reach the apex of this triangle and at that point we must pick a direction. Now with Bitcoin's recent dump down to 30k that has caused a dump from our recent attempt to break upward out of this structure and continue up to 1550 area . So our chart is left looking a little funky ! But since there are other indicators such as Ichimoku and also the general trend upward during a Bullrun year I would still expect this triangle to break upward within a couple weeks . I'm prepared for Crypto to throw me some curveballs though ! As we've seen recently even a tweet from my guy Elon Musk can send a coin pumping - or not ! But you have got to remember - it's a Bullrun year ! This is not a normal year . Any coin coming from the bottom should start to hit it's fib retracement targets at some point . And we've yet to reach our first fib target near 3420 , which is our .236 fib . I firmly expect us to get there . And above ! Question is what structure we take to get there after this triangle plays out . I'll link my fib targets for FET in the linked chart below . Also as a side note - you may notice I was calling this a Bull pennant before and I'm now calling it a triangle ...well, you've got to be flexible in crypto because sometimes chart patterns change ! And if something is taking a longer time to form it's actually possible it's a symmetrical triangle type structure as opposed to a pennant ( since a pennant generally doesn't take as long to play out . ) So be prepared to change your view if things play out differently ! But I'm still bullish and I still expect upside here . Let's see what the next 2 weeks bring .
Sidenote - some people are calling for Bitcoin to dump to 20k but that is not guaranteed to happen so take it with a grain of salt.
Sidenote - some people are calling for Bitcoin to dump to 20k but that is not guaranteed to happen so take it with a grain of salt.
