Looking at both options for FTM Long/Short
Looking at both possibilities, both long and short on FTM.
Which one plays out will be determined by BTC direction and resulting market sentiment.
FTM has bounced at the lower end of it's range, bouncing 4 times at support between 0.1895 and 0.1935.
Should BTC get above resistance and start an upward trend in the short to mid-term, I'll be expecting this move upward for FTM.
It will have to break through resistance at 0.2085.
Then mid-range resistance at 0.2280.
Top of the range for me would be 0.2550, where I would exit the trade completely.
I will be looking at the Stoch RSI to completely reset to below 15 on the 4hr and 8hr, if it resets on the 12 hour too, I would be even more confident of this trade.
As long as the RSI's reset and FTM holds this support and looks to bounce again, I will enter the trade and take 50% profit at the mid range point.
Risk to reward of this trade is 1 : 6.7
Should FTM break support, then I will be looking at a short ..
The Long is offering a 30% move to the upside ...
The short will be offering 13%..
Alerts are set ... we'll see what happens..
Which one plays out will be determined by BTC direction and resulting market sentiment.
FTM has bounced at the lower end of it's range, bouncing 4 times at support between 0.1895 and 0.1935.
Should BTC get above resistance and start an upward trend in the short to mid-term, I'll be expecting this move upward for FTM.
It will have to break through resistance at 0.2085.
Then mid-range resistance at 0.2280.
Top of the range for me would be 0.2550, where I would exit the trade completely.
I will be looking at the Stoch RSI to completely reset to below 15 on the 4hr and 8hr, if it resets on the 12 hour too, I would be even more confident of this trade.
As long as the RSI's reset and FTM holds this support and looks to bounce again, I will enter the trade and take 50% profit at the mid range point.
Risk to reward of this trade is 1 : 6.7
Should FTM break support, then I will be looking at a short ..
The Long is offering a 30% move to the upside ...
The short will be offering 13%..
Alerts are set ... we'll see what happens..