FTMUSD Bearish trend continuation
Updated
In two days we have done -22.67%.The immediate bearish volatility can imply. In the short term this might be confirmation of a lower high.
If we break the next resistance trendline. Then we might be closer to hitting our -35% target as analyzed in the linked chart.
If we break the next resistance trendline. Then we might be closer to hitting our -35% target as analyzed in the linked chart.
Trade active
A retest of the trendlineTrade active
So a lot are asking why I am bearish on ftm on the short term ?this was my summary on the linked chart:
Here are some bearish factors?
1).We had a pi cycle top on 26 October.
2).We have continually failed to break the linear regression trendline despite bitcoin breaking its 64k resistance.
3). It has rallied 232.37% in 34 days.
Conclusion:
The risk of a Potential upside rally while highly likely vs a potential short term wash of leverage by bearish price action.
I choose the bears for they have best t.a. Price target of 1.9 about -35%.
Trade active
Bears have continued showing they are in control. They have been accumulating below the trendline, which has turned to support. i think we will see more volatility to the downside in the coming week.Trade active
So far price action remains in a bearish trendTrade closed: target reached
Target reached taking profits and reducing my risk.
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