FTTUSDT Long
1) I started out by drawing the bottom dotted trend line of 2-3 lows then cloning that line and placing it above of 2-3 highs.
2) Then I used the fibonacci tool from a high to low and it looked like those areas respected some supports and resistances.
3) By that time it looked like there was a break of structure in the downtrend from the 0.236 to the 0.786 fib levels.
4) So it looks like we are on an uptrend now and if it reaches the 0.618 fib level I will open a long position.
5) The risk/reward ration is 5.17 and I will be decreasing the stop loss after a bounce of the 0.5 fib level, taking profits at the 0.382 fib level and exiting the trade at the 0.236 level.
6) Fundamentally I thing FTX
FTT has a lot of growth potential in 2022 and beyond. I see they want to be compliant towards regulators and that's bullish in the long run for me.
DISCLAMER:
I am very new to trading so all of this is guess work ( educated guess imo ). Many things can happen but I believe this is one of them. Bitcoin could tank just after I open this trade I get stopped out for example.
Any thoughts?
2) Then I used the fibonacci tool from a high to low and it looked like those areas respected some supports and resistances.
3) By that time it looked like there was a break of structure in the downtrend from the 0.236 to the 0.786 fib levels.
4) So it looks like we are on an uptrend now and if it reaches the 0.618 fib level I will open a long position.
5) The risk/reward ration is 5.17 and I will be decreasing the stop loss after a bounce of the 0.5 fib level, taking profits at the 0.382 fib level and exiting the trade at the 0.236 level.
6) Fundamentally I thing FTX
FTT has a lot of growth potential in 2022 and beyond. I see they want to be compliant towards regulators and that's bullish in the long run for me.DISCLAMER:
I am very new to trading so all of this is guess work ( educated guess imo ). Many things can happen but I believe this is one of them. Bitcoin could tank just after I open this trade I get stopped out for example.
Any thoughts?
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