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!


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