There is a great chance for gains trading FTT right now! I strongly belive that this coin is on a verge of doing great things!
I will explain my reasoning in detail:
FTT is testing a major support confluence:
- A strong horizontal support
- High time frame diagonal trendline support
- 200 daily EMA as a support
- Important Fib level s a support
- Daily OBV is showing a strong bullish divergence
- Weekly OBV is showing a strong bullish divergence
- Weekly stochastic RSI is in the making of a bullish cross
- Broke 4h EMA50, and turned it to support
- Bullish 13-21-50 EMA cross on 4h
What we can see is a consolidation on a strong support confluence, backed up by High time frame momentum indicator signals. At the same time, we have lower time frame confirmations.
This chart is a giver!
There are always multiple scenarios to play, but rarely this much.
- If you are a risk-taker, a buy rightnow with a Stop-Loss (SL) beneath the horizontal support at 43$ is a maximum profit strategy. The price needs to break trough 20 and 50 EMA on daily, and later diagonal trendline resistance, and horizontal resistance on its way to ATH. Do not expect such a movement to be momentarily, as there are a lot of resistance to be broken. But, considering the Weekly stochastic RSI, and daily and Weekly OBV, I think that a BIG move is coming! Congrats on your courage, if you took this path! You are a true man of action!
- For a medium risk-takers wait for the price to conquer daily EMA 21 and 50, and 4h EMA 200. They are in a similar zone, confluent with the upper edge of the green rectangle, around 53$. Turning this resistance zone to the support will be a strong bullish sign. Going this route is probably the smartest. Riding on the most of the upwards wawe, but also waiting for a stronger bullsih confirmation.
- For you guys who don't like to risk much, I understand you. Trading is not gambling. You like your trades clean and risk-free. And that is a great principle to follow. Wait for the price to conquer the diagonal trendline, and even the horizontal resistance represented by the blue rectangle. Turning this area to support during a retest will be the most risk-averse strategy.
BONUS:
Short time frame low-risk strategy.
For you guys who are more into the immediate results, going to the 4h chart is the right way . If the price stays above EMA50 on 4h, wait for the confirmation: bullish cross on a stochastic RSI + bullish engulfing candle, or bullish pinbar candle. SL is below the daily EMA 200. TP is the blue rectangle resistance zone. R:R is 2:1.
Dear TA entusiasts, which path did you choose? Is there any way you would improve the setup?
I would really like to hear your thoughts and see your results.
Do comment below, and share if you liked what you read.
I will explain my reasoning in detail:
FTT is testing a major support confluence:
- A strong horizontal support
- High time frame diagonal trendline support
- 200 daily EMA as a support
- Important Fib level s a support
- Daily OBV is showing a strong bullish divergence
- Weekly OBV is showing a strong bullish divergence
- Weekly stochastic RSI is in the making of a bullish cross
- Broke 4h EMA50, and turned it to support
- Bullish 13-21-50 EMA cross on 4h
What we can see is a consolidation on a strong support confluence, backed up by High time frame momentum indicator signals. At the same time, we have lower time frame confirmations.
This chart is a giver!
There are always multiple scenarios to play, but rarely this much.
- If you are a risk-taker, a buy rightnow with a Stop-Loss (SL) beneath the horizontal support at 43$ is a maximum profit strategy. The price needs to break trough 20 and 50 EMA on daily, and later diagonal trendline resistance, and horizontal resistance on its way to ATH. Do not expect such a movement to be momentarily, as there are a lot of resistance to be broken. But, considering the Weekly stochastic RSI, and daily and Weekly OBV, I think that a BIG move is coming! Congrats on your courage, if you took this path! You are a true man of action!
- For a medium risk-takers wait for the price to conquer daily EMA 21 and 50, and 4h EMA 200. They are in a similar zone, confluent with the upper edge of the green rectangle, around 53$. Turning this resistance zone to the support will be a strong bullish sign. Going this route is probably the smartest. Riding on the most of the upwards wawe, but also waiting for a stronger bullsih confirmation.
- For you guys who don't like to risk much, I understand you. Trading is not gambling. You like your trades clean and risk-free. And that is a great principle to follow. Wait for the price to conquer the diagonal trendline, and even the horizontal resistance represented by the blue rectangle. Turning this area to support during a retest will be the most risk-averse strategy.
BONUS:
Short time frame low-risk strategy.
For you guys who are more into the immediate results, going to the 4h chart is the right way . If the price stays above EMA50 on 4h, wait for the confirmation: bullish cross on a stochastic RSI + bullish engulfing candle, or bullish pinbar candle. SL is below the daily EMA 200. TP is the blue rectangle resistance zone. R:R is 2:1.
Dear TA entusiasts, which path did you choose? Is there any way you would improve the setup?
I would really like to hear your thoughts and see your results.
Do comment below, and share if you liked what you read.