This is for entertainment purposes only and not financial advice.
Hello dear traders and Fantomeers.
FTM has been drawing some bullish signs after the correction of the massive pump to new ATH after the flash crash. There's a trade to be made.
Bullish signs:
- Bulls have consistently bought the wicks on the 4H from 1.48$ to 1.4$
- Bullish volume is growing, as we saw a touch of 1.69$ as the previous pennant top was broken, but then dumped back to the support as BTC also had a shakeout
- Since the flash crash, the RSI has printed a bullish divergence. Lower lows on RSI, higher lows on price
- During the bull run from 0.4$ to 1.94$, there's been at most 6 consecutive bearish candles on the 4H. We are now about to form the 5th if price stays around 1.5$
==> Considering all these factors, it would seem sensible that FTM retested the 1.7$ to 1.8$ area as there's already been quite a bit of consolidation, and to me it seems BTC is also showing some signs of strength (imo possible retest of 47k$ today) that may bring temporary confidence and greed back to the market.
Then some thoughts on the emotional curve on FTM now:
1. I believe many are shorting FTM now as it has indeed made a massive run and a blow-off top at 1.94$. They're looking for quick profits, an easy short. It has been sliding down, why wouldn't it continue?
2. Many wish they bought during the flash crash on the range 1.15$ to 1.3$. Many of them are still waiting. You can see the fomo from the wicks. FTM is a beast now and it's not finished yet.
==> As noted on 1., indeed, it may continue sliding down. But as we have established a fine support at the 1.4$ to 1.48$ range, we can set out SL to 1.39$ and GTFO if things go south.
The reward will be nice and is written in the chart for those who want to see it.
With the risk and reward ratio being sensible, this is one of those
"Get rich or die tryin'"
-trades as 50Cent would put it.
~ ~ ~
You will prosper, you will succeed. It's all within.
Thank you and good luck 🙏🏻
~ ~ ~
Blue balls deep in the crypto markets and community since spring 2017.
Bought, panic sold, hodled, ICO'ed, all of it.
The game is my friend.
– Jännäsetä
Hello dear traders and Fantomeers.
FTM has been drawing some bullish signs after the correction of the massive pump to new ATH after the flash crash. There's a trade to be made.
Bullish signs:
- Bulls have consistently bought the wicks on the 4H from 1.48$ to 1.4$
- Bullish volume is growing, as we saw a touch of 1.69$ as the previous pennant top was broken, but then dumped back to the support as BTC also had a shakeout
- Since the flash crash, the RSI has printed a bullish divergence. Lower lows on RSI, higher lows on price
- During the bull run from 0.4$ to 1.94$, there's been at most 6 consecutive bearish candles on the 4H. We are now about to form the 5th if price stays around 1.5$
==> Considering all these factors, it would seem sensible that FTM retested the 1.7$ to 1.8$ area as there's already been quite a bit of consolidation, and to me it seems BTC is also showing some signs of strength (imo possible retest of 47k$ today) that may bring temporary confidence and greed back to the market.
Then some thoughts on the emotional curve on FTM now:
1. I believe many are shorting FTM now as it has indeed made a massive run and a blow-off top at 1.94$. They're looking for quick profits, an easy short. It has been sliding down, why wouldn't it continue?
2. Many wish they bought during the flash crash on the range 1.15$ to 1.3$. Many of them are still waiting. You can see the fomo from the wicks. FTM is a beast now and it's not finished yet.
==> As noted on 1., indeed, it may continue sliding down. But as we have established a fine support at the 1.4$ to 1.48$ range, we can set out SL to 1.39$ and GTFO if things go south.
The reward will be nice and is written in the chart for those who want to see it.
With the risk and reward ratio being sensible, this is one of those
"Get rich or die tryin'"
-trades as 50Cent would put it.
~ ~ ~
You will prosper, you will succeed. It's all within.
Thank you and good luck 🙏🏻
~ ~ ~
Blue balls deep in the crypto markets and community since spring 2017.
Bought, panic sold, hodled, ICO'ed, all of it.
The game is my friend.
– Jännäsetä
Comment:
FTM may be waiting on BTC's small bull flag break up or down. Chart is intensifying!
Comment:
Push through 1.52$ with volume and we are going up.
BTC at top of its flag formation.
BTC at top of its flag formation.
Comment:
BTC undecided. If it fails to break up, we likely drop lower than 1.47$ on FTM.
Personally, I'm buying more at 1.42$, though wouldn't recommend if not experienced with managing risk and babysitting the chart.
Personally, I'm buying more at 1.42$, though wouldn't recommend if not experienced with managing risk and babysitting the chart.
Comment:
BTC touching flag's support, and it broke down.
We get a bart here, and thus FTM will drop too.
Until 1.4$ support breaks on FTM, this trade setup is valid.
We get a bart here, and thus FTM will drop too.
Until 1.4$ support breaks on FTM, this trade setup is valid.
Comment:
So it is. SL hit and trade finished. Risk management is key!
Trade closed: stop reached
The previous 4H candle went green with higher volume than any of the bearish ones around it. RSI dipping even a bit more though price staying level or even slightly climbing.
The fomo is cooking.