FTM/USDT 1D Analysis - Key Support and Potential Reversal
Hello Traders,
FTM/USDT has been on a strong downtrend on the daily chart, but there are potential bullish signs emerging as we approach some key levels:
Strong Support Level: The price is nearing a significant support level at $0.2907. This level has acted as a reliable foundation in the past and might once again provide a strong bounce for the price.
Untapped Liquidity: There's a potential untapped liquidity zone around $0.3053. As the price moves towards this area, we might see some increased buying pressure.
Historical Downtrend and Bullish Divergences: In the past, FTM/USDT experienced a similar downtrend period for 92 days, which was filled with numerous bullish divergences before a reversal. Currently, we've been in a strong downtrend for about 42 days, and similarly, we're seeing many bullish divergences.
Given these factors, I'm planning to take a long position at $0.29. My exit strategy involves two take-profit targets:
Take Profit 1: $0.3496
Take Profit 2: $0.3892
Remember, this is my personal analysis and not financial advice. Always do your own research and manage your risk appropriately.
Happy trading!
Note: This analysis is for informational purposes only and should not be construed as financial advice. Always conduct your own research before making investment decisions.
FTM/USDT has been on a strong downtrend on the daily chart, but there are potential bullish signs emerging as we approach some key levels:
Strong Support Level: The price is nearing a significant support level at $0.2907. This level has acted as a reliable foundation in the past and might once again provide a strong bounce for the price.
Untapped Liquidity: There's a potential untapped liquidity zone around $0.3053. As the price moves towards this area, we might see some increased buying pressure.
Historical Downtrend and Bullish Divergences: In the past, FTM/USDT experienced a similar downtrend period for 92 days, which was filled with numerous bullish divergences before a reversal. Currently, we've been in a strong downtrend for about 42 days, and similarly, we're seeing many bullish divergences.
Given these factors, I'm planning to take a long position at $0.29. My exit strategy involves two take-profit targets:
Take Profit 1: $0.3496
Take Profit 2: $0.3892
Remember, this is my personal analysis and not financial advice. Always do your own research and manage your risk appropriately.
Happy trading!
Note: This analysis is for informational purposes only and should not be construed as financial advice. Always conduct your own research before making investment decisions.
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