This is for entertainment purposes only and not financial advice.
Hello dear traders and Fantomeers.
FTM has been drawing some bullish signs after the correction of the massive pump to new ATH after the flash crash. There's a trade to be made.
Bullish signs:
- Bulls have consistently bought the wicks on the 4H from 1.48$ to 1.4$
- Bullish volume is growing, as we saw a touch of 1.69$ as the previous pennant top was broken, but then dumped back to the support as BTC also had a shakeout
- Since the flash crash, the RSI has printed a bullish divergence. Lower lows on RSI, higher lows on price
- During the bull run from 0.4$ to 1.94$, there's been at most 6 consecutive bearish candles on the 4H. We are now about to form the 5th if price stays around 1.5$
==> Considering all these factors, it would seem sensible that FTM retested the 1.7$ to 1.8$ area as there's already been quite a bit of consolidation, and to me it seems BTC is also showing some signs of strength (imo possible retest of 47k$ today) that may bring temporary confidence and greed back to the market.
Then some thoughts on the emotional curve on FTM now:
1. I believe many are shorting FTM now as it has indeed made a massive run and a blow-off top at 1.94$. They're looking for quick profits, an easy short. It has been sliding down, why wouldn't it continue?
2. Many wish they bought during the flash crash on the range 1.15$ to 1.3$. Many of them are still waiting. You can see the fomo from the wicks. FTM is a beast now and it's not finished yet.
==> As noted on 1., indeed, it may continue sliding down. But as we have established a fine support at the 1.4$ to 1.48$ range, we can set out SL to 1.39$ and GTFO if things go south.
The reward will be nice and is written in the chart for those who want to see it.
With the risk and reward ratio being sensible, this is one of those
"Get rich or die tryin'"
-trades as 50Cent would put it.
~ ~ ~
You will prosper, you will succeed. It's all within.
Thank you and good luck 🙏🏻
~ ~ ~
Blue balls deep in the crypto markets and community since spring 2017.
Bought, panic sold, hodled, ICO'ed, all of it.
The game is my friend.
– Jännäsetä