Long
$FTM Bull Case - Multiple Targets
$BINANCE:FTMUSDT is looking quite bullish, with a very clean chart and well respected Fibonacci retracement levels.
The support is sitting right at 61.8% of the last leg up. (Common reversal level)
I think the chart is open to multiple interpretations, each with a different target:
Descending Triangle: $1
Also a key psychological level and a previous resistance.
Bull Pennant: $1.15
Previous resistance and close to the top from last March.
Elliott Wave W3: $1.3 or $1.62
If $0.76 is the local bottom, it would be a perfect Wave 2 end (61.8% of Wave 1).
According to Elliott Wave theory, the Wave 3 target would be either $1.3 (161.8% of W1) or $1.62 (261.8% of W1).
$1.3 is also a key support from 2021/2022.
$1.62 is also a resistance from 2022.
My strategy for this will be:
Not Financial Advice
The support is sitting right at 61.8% of the last leg up. (Common reversal level)
I think the chart is open to multiple interpretations, each with a different target:
Descending Triangle: $1
Also a key psychological level and a previous resistance.
Bull Pennant: $1.15
Previous resistance and close to the top from last March.
Elliott Wave W3: $1.3 or $1.62
If $0.76 is the local bottom, it would be a perfect Wave 2 end (61.8% of Wave 1).
According to Elliott Wave theory, the Wave 3 target would be either $1.3 (161.8% of W1) or $1.62 (261.8% of W1).
$1.3 is also a key support from 2021/2022.
$1.62 is also a resistance from 2022.
My strategy for this will be:
- Open a long position after a break above the resistance trendline, with a wide SL
- Take partial profits at each target
- Starting from $1.15, move my SL up below the previous target
Not Financial Advice
Trade active
Great entry, with a nice close well above the trendline.
We also had a leading signal from the RSI breakout 1 bar in advance.
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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.