FTT has been trading inside this channel for over a month now. With the most recent BTC sell-off, FTT fell towards the lower support of the channel. This trade is based on the idea that the channel will hold in the near future.
Obviously, this trade's success is highly correlated with Bitcoin's short term price action. In case BTC will fall further, FTT will fall through the channel. In case you are bullish on BTC , this might be a proper trade for you.