Technical Analysis - Fantom
FTM/BTC - 01/26/2020

 

As shown above, we will be updating the technical analysis of FTM/BTC from the 20th of December.

 

Overview:

Since the last update, the mentioned double bottom has played out nicely, yet got rejected at the crucial red area of resistance, which has caused a pretty steep downtrend through the level of the double bottom. Since this level has been broken down so violently, it is expected to be re-tested, as we will elaborate further below.

 

Update:

The mentioned steep downtrend has broken down after showing some clear signs of exhaustion.

Directly with the break-down of the downtrend, we have seen the MKAST Algorithm print as Buy-Signal, indicating a trend change and signs of actual strength. With it, the TJ-Index started moving and up-trending very clearly. This uptrend, while the price action is still going more or less sideways, is creating several bullish divergences.

Nevertheless, there is a small chance that the most recent and local structure is set up to be a bear-flag. This would get confirmed, should there not be an impulse move or a clear sign of strength soon.

This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!

 


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