FTM - A Breather Before …
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During the last month FTM has done a 107% increase with 14% of it in the last week. Really good considering the fear in the present market so I wanted to have a quick look at FTM.
The 1m and 1w RSI both show clear divergence indicating a trend change down or sideways movement with then sRSI in agreement. On the 1d chart shown above, the upper RSI has a clear divergence trend change down with the lower forming a rising wedge both on RSI and PA.
The PA is presently nicely just above the 20ma but way above the 50ma and way way above 200ma.
What this all shows me is that PA will pull back to the trend line showing the lows for this impulse run, which also coresponds with a 61.8% FIB retracement as well as being a strong support resistance area @$2.60. This move would allow PA to get closer to the 50/200ma’s before continuing an uptrend.
“If” PA descends below the 61.8% level then a further descent to the next song support area of $2.05 is possible. However, the indicators presently don’t show such a large pull back looking more like sideways action to me.
My thoughts, not advice Oklah. Cheers
The 1m and 1w RSI both show clear divergence indicating a trend change down or sideways movement with then sRSI in agreement. On the 1d chart shown above, the upper RSI has a clear divergence trend change down with the lower forming a rising wedge both on RSI and PA.
The PA is presently nicely just above the 20ma but way above the 50ma and way way above 200ma.
What this all shows me is that PA will pull back to the trend line showing the lows for this impulse run, which also coresponds with a 61.8% FIB retracement as well as being a strong support resistance area @$2.60. This move would allow PA to get closer to the 50/200ma’s before continuing an uptrend.
“If” PA descends below the 61.8% level then a further descent to the next song support area of $2.05 is possible. However, the indicators presently don’t show such a large pull back looking more like sideways action to me.
My thoughts, not advice Oklah. Cheers
Komen
So FTM has descended into a range market area around $2.35 and $2.01. Right now pretty well everything depends on what bitcoin will do, so accurate future outlooks are futile until bit defines a trend.
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