In this logarithmic chart of BINANCE:FETUSDT, a possible cup and handle pattern could be formed and materialized, citing a potential continuous bullish movement of the coin. Full technical details to be followed in this idea thread below.
Happy trading everyone!
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This is the bigger picture of my overall chart for FET. Highlighted is the diagonal trendline that is currently a critical resistance line for the coin as it is currently being rejected on a daily movement perspective.
The cup and handle pattern play should start with the breakout of that two-year-old trendline. If that confirms, price could get rejected at the neckline being the next critical resistance.
But on my view, it could past the neckline upon breakout since it's a year-long movement and the pattern is being activated as well.
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In addition, our oscillators are showing an overbought status of the coin that could be another factor for its price rejection at the moment of this writing.
From a day trading perspective, I will wait for patterns just like this scenario, a breakdown intraday play.
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Currently I'm seeing the $0.454 as the key resistance area for FET. I also labeled $0.5 as the next resistance area.
Trade active
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Entered upon breakout of the key trend line and view $0.5 as the next key level.
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Upon this chart, observed a bounce on the $0.454.
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Consider this potential Adam and eve bearish pattern.
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The mentioned pattern was rejected and instead formed a double bottom which had a breakout on its neckline at near $0.47.
Trade closed: stop reached
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After the breakout halted it pushed down the price to the key level. The trade stopped upon the breakdown below $0.454. Now, if you want to trade this coin, I will now consider this head and shoulders bearish pattern and determine $0.4125 as the next key level.
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Entered a trade upon the breakout of the $0.5 logical resistance. Partial take profit around the cup and handle neckline or at $0.6095.
As much as I'm hoping for a momentous push upwards, the oscillator is at the overbought territory, just be aware of that.
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Still active trading on this coin and I'm WAITING for the move.
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For a closer look
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FET is still inside the triangle and did not continue to breakdown on our plotted support line below which is an old resistance. Still, we WAIT.
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In reference to the previous image, two support lines were materialized from the massive breakdown an hour ago. And my trade with FET is still active and I will still WAIT for this possible movements below.
Trade closed: stop reached
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The price of FET rose to 12% today. In terms of the chart analysis, the daily candle appeared to show resistance on the trendline, flexing its firmness once again. Here is the overall look once again for the cup and handle below.
On the other hand, a breakout can happen in my view because of this near-month chart, the price on an hourly basis presents a consolidating movement near the trendline and it had many instances of poking the resistance lines.
We just need another catalyst to push the price for a massive move. On the trendline, consider adding an alert on the trendline and enter upon confirmation of a massive breakout of the trendline/pattern neckline.
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We had a breakout on the trendline, and the pump currently halts at $0.6548 or the 0.5 Fibonacci key level. I did not enter a position on the initial breakout.
So, the strategy now is to anticipate a possible bounce play on the trendline that could be a new support line for FET.
For a closer look:
To all those who have entered, congratulations. To those who are NOT (like ME) ... WAIT.
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Correction on the price that's 0.6248 not 0.6548. Also consider placing an alert on the price.
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I entered a bounce play trade with FET upon hitting on the trendline that act as the old resistance as a new support line. Hit our first take profit area of $0.63.
And to all my followers who asks if it's too late to enter. This is a reminder of the power of patience and do not be FOMO upon the massive movements. Trading doesn't stop there; it will always give you opportunities-it's a matter of time and another is to always identify your support lines and resistances as well as indicators align. This has been my trading discipline.
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Approximately 5 hours there would be an FOMC interest rate decision that can create market volatility for crypto prices.
As for this FET trade, I'll ride the trend and have already set a protective stop area. Make sure you have it on all of your trading positions. Happy trading!
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The price of FET rose to 37% since last week. Upon a massive breakout, I entered a trade with the coin and hit my first target profit. And hours ago, the coin managed to hit our second take profit area at $0.695. The 0.618 Fib level or $0.762 would be the next target.
Thanks for breaking down complex concepts into understandable terms.
DanyBoy4k
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moonshot
practicalBird81585
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FET has a great potential, whales could push it much more higher, it is AI story... Hope in parabolic move.
SCLGREEN
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It will go up for a long time. However, I disagree with your cup handle conclusion. FET has 100x potential looking at the market cap and also whales hold this coin massively. FET will reach $18 within 2 years.
luigi360swirl
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@SCLGREEN I always take a grain of salt 🙂 appreciate that hot take 🚀
DanyBoy4k
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agree! seems like will have an exponential move this week
luigi360swirl
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@DanyBoy4k, appreciate the comment! We'll wait and see.
luigi360swirl
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DanyBoy4k
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almost there to brake the pattern! very bullish from here