FTTUSDT Swing High| Local S/R| .618 Fibonacci| Price Action
Evening Traders,
Today’s analysis – FTT – oversold bounce coming to an area of resistance where a rejection is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Resistance
(.618 Fibonacci Confluence)
- Low Volume Profile
- Oscillators Neutral
FTT’s immediate Price Action is impulsive from its recent lows, trading towards a key Local S/R Resistance, allowing for a short bias.
The .618 Fibonacci is in technical confluence, rejection here is highly probable on the first attempt.
Both Oscillators are trading neutral however approaching their extended territories, a reversion to their mean is probable.
The current volume profile is on a decline, and influx is highly probable when testing key trade locations.
Overall, in my opinion, FTT is a volume short-term short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
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