As BTC dropped today, alts are naturally following. FTM dropped practically at the same point where we topped a week ago, $3.12, forming a double top.
Not sure if we're actually going further down towards the channel's support. We need further BTC weakness in order to drop that far. Assuming BTC has more juice in it, we might go for a re-test of the channel's resistance.
However, BTC is still in a bearish trend, so we should definitely consider the fact that FTM can reverse and move all the way down to $2.10. Furthermore, bulls can find an ideal entry area around the channel's support.
Happy trading!
Not sure if we're actually going further down towards the channel's support. We need further BTC weakness in order to drop that far. Assuming BTC has more juice in it, we might go for a re-test of the channel's resistance.
However, BTC is still in a bearish trend, so we should definitely consider the fact that FTM can reverse and move all the way down to $2.10. Furthermore, bulls can find an ideal entry area around the channel's support.
Happy trading!
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