Technical Analysis - Fantom
FTM/BTC - 12/20/2019
As shown in the chart above, we will be updating the FTM/BTC Technical Analysis from the 21st of November.
Since the last analysis, we have turned the orange box into local support, creating a higher low, followed by an MKAST Algorithm Buy-Signal, which ultimately lead to the creation of new local highs. This was indeed a bullish sign for FTM, which is currently seeing a retrace into a possibly bullish market structure. This structure is a falling wedge, combined with low volume and approaching the area we have seen the bounce. I left the previous Fibonacci Tool untouched, to show that the key-levels of 50-61.8% remain of significant importance here.
FTM might be retracing currently; nevertheless, it is a healthy sign, especially that we see the creation of higher lows and higher highs. Taking the low volume of the retrace, oversold conditions, and a very low TJ-Index, an experienced trader would indeed be looking for entries at the orange box, after a clear sign of strength.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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