FTM Fantom: Is A Major Correction Coming?
Updated
Hello friends, today I am completing a technical analysis on the 4H linear scale chart for Fantom ( FTMUSD ), an altcoin cryptocurrency. Please review the chart and analysis below carefully as there are many trendlines and indicators noted.
#CryptoPickk notes the following:
1) Fantom price has had a major run in 2021 with the price reaching an all time high in October 2021. The price has corrected since that point.
2) The price recently completed a Head and Shoulders Pattern with a potential break down possible from this point.
3) The measured move of the Head and Shoulders Pattern brings the price down to $1.25-$1.30 which is a 37%-38% correction from current price levels.
4) If the price makes it down to the $1.25-$1.30 level, it would re-test a multi-month trendline (in yellow color).
5) That price target around $1.25-$1.30 has had multiple months of support as shown in the purple color rectangle box.
6) The Volume has been weakening month over month.
7) The RSI (relative strength index) has the ability to drop further as shown on the chart.
8) If the price rebounds up from the Head and Shoulders Pattern, the idea would be invalidated.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
#CryptoPickk notes the following:
1) Fantom price has had a major run in 2021 with the price reaching an all time high in October 2021. The price has corrected since that point.
2) The price recently completed a Head and Shoulders Pattern with a potential break down possible from this point.
3) The measured move of the Head and Shoulders Pattern brings the price down to $1.25-$1.30 which is a 37%-38% correction from current price levels.
4) If the price makes it down to the $1.25-$1.30 level, it would re-test a multi-month trendline (in yellow color).
5) That price target around $1.25-$1.30 has had multiple months of support as shown in the purple color rectangle box.
6) The Volume has been weakening month over month.
7) The RSI (relative strength index) has the ability to drop further as shown on the chart.
8) If the price rebounds up from the Head and Shoulders Pattern, the idea would be invalidated.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Note
EXACCCTTTTTLLLLLYYYY AS PREDICTED!
Related publications
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.