FTM/USD - A bearish divergence on this last breakout! Care!
FTM has broken above the resistance in dotted line. We hit the Fib extension at 38% and were rejected.
Moreover this last move up was on poor volume compared to our last pump and we have formed a bearish divergence on RSI (see yellow arrows)... This should be taken as a warning sign that this move was weak.
As such, best to be careful as price will likely fall back to $2.3 or even lower if the bulls show further weakness.
This is not an exciting setup for longs, best to wait for an entry at support. If we break below the first support level we have another one below it that should hold any price decrease.
Bias is bearish in the next day or two.
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Moreover this last move up was on poor volume compared to our last pump and we have formed a bearish divergence on RSI (see yellow arrows)... This should be taken as a warning sign that this move was weak.
As such, best to be careful as price will likely fall back to $2.3 or even lower if the bulls show further weakness.
This is not an exciting setup for longs, best to wait for an entry at support. If we break below the first support level we have another one below it that should hold any price decrease.
Bias is bearish in the next day or two.
Like and follow if you liked this idea!
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