Long
FTM 💣 Ichimoku BREAKOUT
Updated
Hey guys!
Kina here, well FTM coin has been on a range for a very long time and still is stuck in a box. But as it bounced off from support I believe is going to re-test the resistance of this range which is at about 0.65 zone. So we could set potential targets in that area.
Now, as we can see FTM pierced through the cloud, re-tested it and then bounced off from it again. An ichimoku cloud on a daily chart means we can go long and hold for as long as the coin give us! When price goes back into the cloud we keep the money and stay out of the trade. That's one classical way to use this famous indicator. Safe and consistent approach if you don't want to overthink it too much!
Hold dearly and risk wisely,
Kina 💣 The Girly Trader
Kina here, well FTM coin has been on a range for a very long time and still is stuck in a box. But as it bounced off from support I believe is going to re-test the resistance of this range which is at about 0.65 zone. So we could set potential targets in that area.
Now, as we can see FTM pierced through the cloud, re-tested it and then bounced off from it again. An ichimoku cloud on a daily chart means we can go long and hold for as long as the coin give us! When price goes back into the cloud we keep the money and stay out of the trade. That's one classical way to use this famous indicator. Safe and consistent approach if you don't want to overthink it too much!
Hold dearly and risk wisely,
Kina 💣 The Girly Trader
Note
Well as I believed, for this case FTM re-tested resistance of this range at about 0.65 but not only that. It broke through it. Now we are getting some selling but that's because this area is being defended by sellers. We'll need to wait and see how it plays out. Possible scenarios:
1) It's re-testing the current resistance that broke out and it could turn and act as support which will lead price to the next mean reversion area at about 0.88 - 0.90
2) It could totally come back inside the range and re-test it once more before taking off. Heck it could even create a false breakdown before starting a massive bull trend. This could either be: back to 0.43 - or for a false breakdown scenario 0.17 but I doubt we could get a beautiful chance to re-enter but who knows! Time will tell...
Note
Well, as explained before, the first case scenario is what we are looking at, right now. The sticky level that must be re-test is 0.88 - 0.90 once it touches it, I believe is going to react and bounce back again the red box again. That would mean a breakout and re-test set up to go long with a trailing stop loss. Otherwise, keep the money in for the next opportunity. Remember and be aware, we are all still waiting for BTC uptrend correction to play out which is going to give us a huge opportunity to re-enter in alt coins at an even better price. So patience is key!
Note
Target hit! Now, let's wait for a drop and re-test of the red breakout area before we can expect any continuation whatsoeverTrade closed: target reached
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