FET has hit a 6.85 just as it did in its last market cycle top. I think that from here there is a chance that it dumps down to the 2.618 area as an initial dump. This is approximately around $1.22.
Once this initial dump takes place, it will likely do a nice bounce back upwards, which typically sets up another dump/short opportunity. This bounce will probably take us back up to around $2.50. So a nice long opportunity within a short opportunity. If this plays out as it did last time, you should be able to short down to around 57 cents. So first short - about 60%, counter trend long - 100%, second short op - 73%. That's IF this plays out the same way as it did last cycle.
If we just continue bullish - my next upward target is $4.52.
Once this initial dump takes place, it will likely do a nice bounce back upwards, which typically sets up another dump/short opportunity. This bounce will probably take us back up to around $2.50. So a nice long opportunity within a short opportunity. If this plays out as it did last time, you should be able to short down to around 57 cents. So first short - about 60%, counter trend long - 100%, second short op - 73%. That's IF this plays out the same way as it did last cycle.
If we just continue bullish - my next upward target is $4.52.
Trade closed: stop reached
Looks like it is probably headed to 4.52ish. There wasn't any confirmation on this one - but the fib setup compared to the last cycle was intriguing.Trade active
OK - this looks to be a fake-out. Perhaps this short trade idea might actually get validated. The market has been very screwy today so far.Trade active
FET is continuing to trend on the hourly timeframe - so far it looks like it wants to head to 4.52.Order cancelled
I posted an idea for the bullish scenario. Targets are 4.54 and 7.28. I've been trading FET on the hourly timeframeTrade active
If this actually ends up playing out, I will crap myself.Note
If Bitcoin breaks out of this triangle - and goes and taps around 85k, then I could see this going up to 4.52...where it then may actually top out.Trade active
Trade active
We probably get a nice shot at the descending trendline above again - which is going to be close to 2.50 if we hit it. We may overshoot it and hit the 2.54 area or above. Of course, we could always build support on top of 2.54 and potentially have the short opportunities exhausted for now as well.
Trade active
Trade active
Trade active
Note
Well, We DID get the first major take profit zone out of this trade, hah.Trade active
It looks like we may have a good shot at hitting the second take profit area of .90-.63 as Bitcoin has been rejected from the 70k area, and looks to test its support in the lower area of its current range.Note
I could even see a wick as low as .48 cents if we want to be really ambitious.Trade active
The 3D chart is really the biggest chance that this trade has at taking out the second target...otherwise the long trade shall prevail from here on out.Trade active
We did make it under 1.05 and are threatening the second take profit area. I am still not 100% holding my breath on this happening for sure. I have my remaining short position above the last swing high, which is within the first take profit area of 1.20-1.42.Trade closed: target reached
I still have a bit on for closer to .63 cents, but a majority of my position is now closed in profit! Congrats everyone!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.
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.