As stated in the weekly view of my previous post it looks like it will consolidate but respect the bottom trendline and prepare for a further move up.
zooming in into
FETUSDT in the 4h shows us a few things.
- we got rejected from the current major resistance since the flip in june 24.
- a horizontal resistance mixes with a upwards oriented trendline -> potential breakout upwards
- the fib levels from the past major moves high and low indicate the next important markers for 50% fib level and the golden pocket to look out for.
zooming in into
FETUSDT in the 4h shows us a few things.- we got rejected from the current major resistance since the flip in june 24.
- a horizontal resistance mixes with a upwards oriented trendline -> potential breakout upwards
- the fib levels from the past major moves high and low indicate the next important markers for 50% fib level and the golden pocket to look out for.
Trade active
the potential breakout upwards the resistance area just happened and a retest is forming. not a confirmed successfull retest tho. this can be a good entry. if the retest failes tho it could potentially follow the orange line further up and respect the trendline until we get another break. if the retest succeeds and flips the resistance to support, we can see an attempt towards 50% fib or golden pocket respectively in time. Note
FET currently touching the 50% fib. a further continuation towards the golden pocket and retesting the 50% fib as support would show further bullish momentum.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.