well, it seems FTX ran out of bullish momentum and it's heading down towards the mid-range of its current rally. just broke out of the reverse head and shoulders neckline, Price is below 100 SMA but we have the previous ATH as support. Low volume on the breakout. I would enter short if we break the 63 support line with a good volume.
tp 1 would be around 0.5 fibo...
Yesterdays dump took us into a D OB
Today we came and sweeped the wick low yesterday
Now we have got above the H1 up candle - the BKR - the breaker - that caused the sweep, and retesting it as support!
Missed limit entry at top of breaker - wasn't at PC
Market longed - aiming for -0.236 fib of H12 range confluent with around $90 - psychological level
Don't let me down SAM
FTX token is going to lead the uponly market for the second half of 2021:
- Inside (reversal) candle on monthly chart
- Bounced off 0.705 Fib level (retest completed)
- Inverted head and shoulders pattern in play
- Measured move to take FTT to double top ($60) and then to $120 by end of year
Invalidation: close below previous swing low
FTT is used to get trading fees discounts on FTX.
FTT sees finally broke the downtrend structure and seems to be running towards the resistance.
However, we don't have *strong* evidence that the bottom is in.
Last FTT video:
FTT is currently looking toppy here, even if it decide to rest highs. Daily and Weekly chart showing weakness and local top volumes seem pretty crazy as well.
In the video I walk through some S/R levels and some scenarios.
Things to Note:
1. Bullish Market Structure
2. Expansion in Volume
3. Pierced above ATH
4. Change of polarity of ATH level
P.S: This is NOT investment advice. This chart is meant for learning purposes only and is a part of my personal journal. Invest your capital at your own risk
BULLFLAG on FTT-PERP (FTX ); target should hit just under 90$. If BTC dumps, all trades follow. If BTC cooperates, we all win.
BF looks completed, brokeout and restested. Closed above, should be good to long it from here.
Entry would be current price ~$55.
Targets always just before Fib Lines. Final Targe twould be just before $90; dont be greedy, take profits...
Here is a channel I have been trading for the past fortnight and has so far been very profitable.
The green area is strong support.
This looks like it has more upside potential and as long as it continues moving within the range it will provide more opportunities for easy profit.