Sharp Decline and Fakeout Trend: FTT price experiences a significant drop of 35% last week, indicating a market value decline following a fakeout in a rising wedge pattern.
Resistance Challenge and Bearish Control: Bears take over at the key resistance of $5.56, leading to multiple bearish engulfing candles in the daily chart and a clear shift from bullish gains.
Potential Correction Phase for FTX: The current market trend suggests an increased likelihood of a prolonged correction phase for FTT.
Retest at 50-day EMA: FTT's fall to the 50-day EMA could be a crucial retest point, with potential for a bounce back if bulls can regain control.
Current Trading Scenario: FTT trades at around $3.774, up 4.63% intraday, hinting at a possible short-term recovery.
Technical Indicators Overview: The RSI indicates a selling trend, possibly entering an oversold zone. The EMA offers dynamic support, while the MACD suggests a bearish trend.
Possible Future Movements: The Fibonacci retracement levels show FTT trading between 38.20% and 50%. A further decline could test lower Fibonacci levels, potentially dropping as low as $1.97.
Bounce Back Potential: A recovery above the 38.20% level ($3.822) might lead to a rise towards $4.488.
Resistance Challenge and Bearish Control: Bears take over at the key resistance of $5.56, leading to multiple bearish engulfing candles in the daily chart and a clear shift from bullish gains.
Potential Correction Phase for FTX: The current market trend suggests an increased likelihood of a prolonged correction phase for FTT.
Retest at 50-day EMA: FTT's fall to the 50-day EMA could be a crucial retest point, with potential for a bounce back if bulls can regain control.
Current Trading Scenario: FTT trades at around $3.774, up 4.63% intraday, hinting at a possible short-term recovery.
Technical Indicators Overview: The RSI indicates a selling trend, possibly entering an oversold zone. The EMA offers dynamic support, while the MACD suggests a bearish trend.
Possible Future Movements: The Fibonacci retracement levels show FTT trading between 38.20% and 50%. A further decline could test lower Fibonacci levels, potentially dropping as low as $1.97.
Bounce Back Potential: A recovery above the 38.20% level ($3.822) might lead to a rise towards $4.488.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.