Hello friends, today you can review the technical analysis idea on a 4H linear scale chart for Fantom (FTMUSD), a cryptocurrency.
The chart is self-explanatory. The Fantom price is inside a small Channel Pattern which is inside a Descending Broadening Wedge Pattern. Based on the indicators, price has the potential for upside, however the Ichimoku Cloud shows heavy resistance ahead. If Volume comes in and price breaks outside of the Cloud, it may be possible to see a nice move upside. Otherwise, price has potential to break below the local S/R line and fall much lower.
Additionally Shown: Ichimoku Clouds, RSI (Relative Strength Index), Stochastic RSI (Stoch RSI), MACD, MFI (Money Flow Index), Fear and Greed Indicator, Support and Resistance Trendline, and Volume.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
As the year is coming to an end and holidays are almost here. I want to wish my friends Happy Holidays and ready for an exciting 2022! What are your thoughts for the coming year?
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
@samirnajem81, that's up to you. I can tell you that if it was me, I would wait for direction of the channel and then consider next steps. Not financial advice. DYOR.
Mihai_Iacob
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Interesting pattern If it breaks the channel resistance can rise to wedge s resistance. Also there is a horizontal resistance there.
Very nice job
MillionaireEconomics
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@OptimoomFX, thank you friend. On a fundamental side, Fantom seems like a good project, but it grew very fast over the past few months. I am unsure if it has momentum to keep moving up but let's see.