Realistic FTT analysis, possible scenarios
Disclaimer
This technical analysis by no means, is a financial advice and this only works for me and I would like to share it with you, Please do you own research.
FTX Token is one of the tokens whales started to accumulate as it can be seen on etherscan. Hence, this is a reason I am doing this analysis to mention scenarios and entry/exit points for this token.
If the price bounce back from $37 area of support, it will make double bottom which is a bullish pattern . It will be a good place to entry point (but don't forget to use Dollar-Cost Average technique in both buying and selling to minimize the risk). However, price can fall till $22 range and still stays bullish . It would be logical to buy at $30 as it can possibly supports mental and price action support for FTT , before price reaches $22 support range. ( Bullish scenario, which what I expect personally).
RSI+ and LMACD are currently have a positive momentum but trend is still negative in our indicators. They would provide more information as time passes to either approve or deny bullish trend .
The main resistance for Bullish scenarios are:
$43 range. Have to pass this area of resistance to complete the successful double bottom .
$50 range. Major mental, Fibonacci, Volume profile , Price action and both 100 and 200 MA resistance. ( Major Exit point)
$57 range, Fibonacci, Price action and Volume profile resistance. The point of control of our volume profile is in this area. Can consider as one of exit points.
$73 range and $85 ( ATH ) which our price action resistance. If it passes ATH the next major resistance is $100 which personally think it is unlikely it short term.
In bearish scenario, if support level of $22 range won't support the FTT , Price can even fall around $15 and $10 as next major resistance.
This technical analysis by no means, is a financial advice and this only works for me and I would like to share it with you, Please do you own research.
FTX Token is one of the tokens whales started to accumulate as it can be seen on etherscan. Hence, this is a reason I am doing this analysis to mention scenarios and entry/exit points for this token.
If the price bounce back from $37 area of support, it will make double bottom which is a bullish pattern . It will be a good place to entry point (but don't forget to use Dollar-Cost Average technique in both buying and selling to minimize the risk). However, price can fall till $22 range and still stays bullish . It would be logical to buy at $30 as it can possibly supports mental and price action support for FTT , before price reaches $22 support range. ( Bullish scenario, which what I expect personally).
RSI+ and LMACD are currently have a positive momentum but trend is still negative in our indicators. They would provide more information as time passes to either approve or deny bullish trend .
The main resistance for Bullish scenarios are:
$43 range. Have to pass this area of resistance to complete the successful double bottom .
$50 range. Major mental, Fibonacci, Volume profile , Price action and both 100 and 200 MA resistance. ( Major Exit point)
$57 range, Fibonacci, Price action and Volume profile resistance. The point of control of our volume profile is in this area. Can consider as one of exit points.
$73 range and $85 ( ATH ) which our price action resistance. If it passes ATH the next major resistance is $100 which personally think it is unlikely it short term.
In bearish scenario, if support level of $22 range won't support the FTT , Price can even fall around $15 and $10 as next major resistance.