Potential weekly breakout
Updated
FTT (FTX.com) exchange coin shows signs for a potential weekly kind of breakout. MACD histogram and the Oscillator look good for it.
It sits under the resistance with -0,0004 % funding rates right now. I monitor the funding rates on it for quite awhile and say that the rapid gains are clearly a soft low volume short squeeze till now.
I'm not long but I have a FTT spot bag myself, which in DCA'd in for awhile.
Long:
- Aggressive support play: Go in long on the next smaller timeframe pullback.
- "By the rules" breakout play: Go long on this potential breakout on the retest of it .
Short:
- Pessimist resistance play: Become the resistance; add shorts and hopefully don't get squeezed urself.
- Defensive short: Wait for a rejection at the resistance price levels
3D (Three Days) Snapshot
Daily Snapshot
4h Snapshot
It sits under the resistance with -0,0004 % funding rates right now. I monitor the funding rates on it for quite awhile and say that the rapid gains are clearly a soft low volume short squeeze till now.
I'm not long but I have a FTT spot bag myself, which in DCA'd in for awhile.
Long:
- Aggressive support play: Go in long on the next smaller timeframe pullback.
- "By the rules" breakout play: Go long on this potential breakout on the retest of it .
Short:
- Pessimist resistance play: Become the resistance; add shorts and hopefully don't get squeezed urself.
- Defensive short: Wait for a rejection at the resistance price levels
3D (Three Days) Snapshot
Daily Snapshot
4h Snapshot
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time for a 15m breakout retestComment
welp, retest failed big timeComment
12h - Looks like the Short plays were the correct plays. However a possible break above the trendline is still possible within days/weeks even in the overall market downtrend. Keep it on the watchlist.Comment
Okay what can we learn from this idea?- Good old 'Trend is your Friend'. Trade with the higher timeframe trend, not against it.
- There are many different possible plays on the same setup
- The 4h snapshot shows a bearish divergence at the top of a downward channel and the daily shows a bullish overextension in an overall downtrend. Means a rejection had a higher probability. The 15m retest snapshot kind of confirmed it because the MACD signaled a shift in momentum while the Oscillators pointed down.
Comment
A good example of: The market, after all, is still a place of bottomless horror. It is by no means a place of childlike simplicity where everything could be settled by a simple then-and-there decision.Comment
Two and a half weeks later the same setup but this time with extra fundamental news: During the Super Bowl (some murica sport event) FTX is giving away the time their ad runs in bitcoin.I don't like the url name but whatever: ftx.us/dontmissout
Comment
For the records of the indicator valuesComment
Update on weekly for the records
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