Fetch AI (FET) Possible Double Bottom• Lately it seems that the AI narrative is gaining traction again. Fetch could be one of the crypto assets that stands to benefit from said hype.
• Fetch has been in a downtrend since February 8th, and it looks like it is forming a double bottom with multiple bullish divergences.
• FET’s double bottom neckline is at the 0.285 USD level . Breaching the neckline and testing it as support could be a long trigger.
• Although FET’s chart in and on itself seems to support a bullish reversal it is advisable to keep an eye out on Bitcoin. Bitcoin faces resistance at the 28,000 – 28,500. If it can flip the 28K level to support, I think that Fetch is good to go. IMO, most alts, FET included, are not strong enough to disregard Bitcoin and just go up.
• Keep an eye on the RSI. IF it breaks out of the channel, it could be an indication that there is momentum behind the move up.
My Trade Idea:
• Entry: 0.285
• SL: Previous candle low. If you have confidence in Fetch, you can give it more space. Personally, I am not 100% sure about this so I will keep the SL tight.
• Targets: 0.31, 0.35, 0.385, 0.43
NFA
Feedback will be appreciated.
Best wishes to all.
