🔥 FTM Bear Flag Breaking Out: Start Of New Bear Trend
Updated
Last month I made an analysis on FTM and the fact it was on the verge of breaking out through a macro bullish support line.
Since then, FTM has fallen a lot, bottoming around $0.25 recently. Since then, we've been cautiously trading bullish. However, it appears it's nothing more than just another bear flag pattern, which is a bearish continuation pattern.
If we break out on the lower side of the flag, I'm expecting a re-test of $0.25 at the very least. If BTC will continue to fall, we're going down further to $0.16, which is a macro support area from the summer-21 bear. See previous FTM analysis above.
$0.16 could very well function as a bear market bottom for this token, time will tell.
Since then, FTM has fallen a lot, bottoming around $0.25 recently. Since then, we've been cautiously trading bullish. However, it appears it's nothing more than just another bear flag pattern, which is a bearish continuation pattern.
If we break out on the lower side of the flag, I'm expecting a re-test of $0.25 at the very least. If BTC will continue to fall, we're going down further to $0.16, which is a macro support area from the summer-21 bear. See previous FTM analysis above.
$0.16 could very well function as a bear market bottom for this token, time will tell.
Note
This is a SHORT idea. Forgot to click Short, it's automatically put on Long.
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