Short

FANTOM (FTM) DAUNTING REASONS WE WILL BE GOING TO BACK TO $0.08

Updated

Support becoming Resistance (S/R) meeting on the Resistance level of an Ascending Channel and at the 61% Fibonacci level coupled with a strong divergence on the Daily Timeframe of the Relative Strength Index (RSI) at the over Overbought region is too much of a confluence for a bearish sign for FTMUSDT.

Afterall, the All Time High seems to be a perfect wave 5-cyan that amounts to the end of either an Impulse or Corrective Elliott Wave Cycle and that being true, we expect wave 2 or B-red to retrace at least 50% but preferably 60% (not a rule but a guideline - a guild line that is true 80% of the time) and in this case that has not happened in fact, from the All Time Low ($0.0004) we have not even seen up to 38% Fibonacci level retracement.

Other than the facts on the first paragraph another important point according to Elliott Wave Theory is that the first price action just after the all time high is an an impulse (doesn't look corrective) and what that means is that after a counter correction (the WXY-yellow) that brought us to this present price action, we should see a new low to for a Zigzag (ABC-cyan) and that Zigzag will balance in proportion the wave 2 or B-red by taking out the liquidities below and also reach the 50-60% Fibonacci zone or 70-90% spanning to the monthly order block or at worst case scenario the 38% which is just below the Sell Side Liquidity.

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someone just DM me asking my thought on i was like dude didn't you see this wholesome analysis with a lot of comment where the late buyers that FOMOed in were bashing me?

I could be wrong but for now is selling pretty good in this analysis direction.

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over 18% so far since this post, now I am setting my SL to breakeven

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Fantom Boys Be crying blood right now 💀☠

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Take profit now if you must since price has gone in my direction by -42% and set Stop Loss to Breakeven.

Trade closed: target reached

hope you looked in some profit and let the rest run wild while you lock it up by setting SL to BE.

Will be updating when I see changes in price action.

Remember never marry any position no matter how good it is and never attach you emotions to it, BE UNBIASED.

Trade closed: target reached

I am now over 100% in profit on by x2 leverage that is over 50% in SPOT. A lot called me crazy when I posted this. Meanwhile I will be taking profit again and trail the rest as we should be seeing a major pull back (bullish) now.

I will update possible next move stay updated

Trade closed: target reached

Finally exit my position on after a whooping 72% till we meet again.

Meanwhile all alts are seeing the pullback I have been calling remember the hour is now.

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FANTOM
I really disappointed the Bulls here oh wait not me, the market did. See the comment section and see the critics and dragging most of em were laughing. But I know buy now there in deep waters or totally liquidated.

Cheers to trading the chart and not EMOTION. cheers to unbiased analysis, cheers to unrealistic expectations. This is what you get here @Dewycandles.

Well there's an update who would like to see update

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Incase you forgot let me remind you of who DewyCandles IS.

Reactions if you want to see the latest update on FANTOM

DewyCandles

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