Is FTT about to meet the same fate LUNA did earlier this year? Luna also had a pretty nasty looking head and shoulders that it validated a breakdown from. FTTs is similar although the full measured move is negative 42 dollars which isn’t possible…that doesnt mean the pattern won’t still trigger, it just cant reach the full target….it could very easily drop deeply enough to go multiple decimal point places close to zero though if what CZ from binance seems to be suggesting is true about it being worthless. Also a chance that if this did drop to several decimal places close to zero like luna did, that I could try to time it just right and go in on it right before a big dead cat bounce like luna had…then there’s also the chance that this is unsubstantiated FUD and the h&s breakdown ends up being a fakeout, but at the moment that seems like a low probability. Either way I’m not touching this thing. *not financial advice*
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One interesting plot twist to all this would be if it was not Sam Bankman-Fried pulling the questionable tactics, but CZ using deflection by accusing him, and then we were to learn that CZ was the questionable one, and instead of FTT tanking it confirms this to be a fakeout and instead BNB tanks and binance becomes the surprise insolvency. lol of course right now that is just a bizzare low probability hypothetical and unlikely to be the case. The thought made me laugh though so i had to share….and also stranger things have happened. Who knows what’s in store this blood moon. No guarantee that FTT will become the next luna.
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One thing that could lend some more probability to a potential fakeout here, is shorting this pattern is almost too obvious…which increases the chance its a bear trap. *not financial advice* I’m not touching this token one way or the other.
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Seeing quite the bearish impulse surge in the volume…usually this big of a volume spike suggests that the breakout will be validated.
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Already all the way down to the $4 zone I’d call that validated. Again the measured move target is negative $42 which is not possible but 0.00042 or even more zeros is within the realm of possibility. Especially with it lookin like it could be the next luna.
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FTT debacle continues and the price action has now dipped down to the $2 range. Definitely looks like its heading towards luna numbers.