Technical Analysis - Fantom
FTM/BTC - 02/20/2020
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As shown above, we will be updating the technical analysis of FTM/BTC from the 26th of January 2020.
Since the last update, quite a bit has happened. Right a few days after, FTM has made a nasty move downwards, shaking out anyone with weak hands, apart from the algos. The target of the re-test of the previous support area is remaining and has not been hit yet.
As one can see in the picture above, the MKAST Algorithm has tuned into a sell-signal after breaking the previous long-entry. Things are looking like FTM might be going for the test of the last low again. This would be quite interesting, though, since we saw a similar scenario happening right a few months back, which unfortunately was followed by another dump that brought us to the local levels. The chances of FTM bouncing are quite high and increasing since the TJ-Index is getting quite low, and the volume on this correction is low as well, indicating that not many market participants are looking to sell FTM at these levels.
This Technical Analysis is made by Kong Trading. The provided analysis should not be considered financial advice!