A BTC makes new highs attention has turned towards altcoins to play catch up.
FARTCOIN has been a top performer of the last month and currently on the 1D timeframe finds itself in a rangebound environment capped between $1.1923 - $1.3945. The end of last week price trended down in a bearish channel from top to bottom and it looks to be doing the same currently. As the supply zone above the range high got swept, price printed a SFP getting back inside the range and began trending down, for me there are two actionable long entries here:
- A range low bounce + breakout of trend channel would be an ideal long entry. An area of clear support coupled with a breakout is a historically strong setup with a clear invalidation if price breaks below the range and gets accepted.
- A more aggressive but potentially less ideal setup would be a breakout of the downtrend before hitting range lows. Higher risk as the level of support is not as defined but in the more risk-on environment crypto is currently in, the chance of major support levels being front run does go up as buyers become more impatient when FOMO grows.
The midpoint is key level to look out for too as a reclaim would mean a run at the highs, rejection opens the door to retest the lows.
FARTCOIN has been a top performer of the last month and currently on the 1D timeframe finds itself in a rangebound environment capped between $1.1923 - $1.3945. The end of last week price trended down in a bearish channel from top to bottom and it looks to be doing the same currently. As the supply zone above the range high got swept, price printed a SFP getting back inside the range and began trending down, for me there are two actionable long entries here:
- A range low bounce + breakout of trend channel would be an ideal long entry. An area of clear support coupled with a breakout is a historically strong setup with a clear invalidation if price breaks below the range and gets accepted.
- A more aggressive but potentially less ideal setup would be a breakout of the downtrend before hitting range lows. Higher risk as the level of support is not as defined but in the more risk-on environment crypto is currently in, the chance of major support levels being front run does go up as buyers become more impatient when FOMO grows.
The midpoint is key level to look out for too as a reclaim would mean a run at the highs, rejection opens the door to retest the lows.
Note
After a brief fakeout, price has tapped the bullish support level and is now looking to attempt another breakout.This is a very important level here to get that bullish scenario long entry trigger.
Note
Second breakout attempt in progress...Note
Second fakeout... Back into trend channel Trade active
The range low bounce + breakout is now in play, invalidation below the range low as stated above.Trade closed: target reached
Successful trade & more as price broke above range high and kept on going. +29.6% in less than 2 days
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.