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.
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.
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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