Fantom “Big W” Pattern developingI absolutely love it when we can discard more complex names for chart patterns, like the Bump and Run or ascending inverted scallops for more simplistic names. The Big W looks like a big W. And Fantom looks like it is in the second low of a big W. My source material for the Big W is Bulkowski’s The Pattern Site and I use his lettering system. TL:DR at the bottom.
www.thepatternsite.com
The Pattern and Trade
The Big W is identified by its steep fall to target and then a rise that is at least 10-20% of the low. Because we are looking at crypto we have a Point D that is over 200% above the low at B. The uptrend is provisionally supported by a bullish MACD cross below zero. I always like to visualize the MACD EMAs and we can see that price has gotten above the short span and is sandwich between it and the long span. Given my assessment on the macro crypto environment I suspect a quick move to D is very likely.
As a somewhat aggressive trader I am in my position now. A more cautious trader enters when price gets above point D. A 15x (non-margin) on this trade would suit me rather well. I don’t want to assume to much what I will do when price returns to the A level. I may rotate fully or partially this stack into another promising project or I may just hold.
About Fantom
Quite frankly the thing I know most about this project is the chart looks amazing. I am looking at layer 1 projects but everything else is noise to me if the chart looks bad. Fantom tries to solve the trilemma by using be asynchronous Byzantine Fault Tolerance? Great. Don’t really understand, the chart looks great. It uses Lachesis to be asynchronous Byzantine Fault Tolerant? Great, the chart looks good. They have Defi and GameFi. Great! The chart looks good.
fantom.foundation
A bit more seriously, I know that Fantom NFT platform atrion (artion.io) uses chainlink as an oracle, which is nice given my interest in chainlink (my most recent idea was on link). You can link your metamask or Coinbase wallet and pay for your fantom NFT with other currencies and chainlink sets the exchange rate. Pretty neat.
Sidenote: I have never bought a NFT. There are some “waifu” NFTs on atrion and I am not sure what negative emotion best describes the idea that someone would buy a image of a waifu. I certainly am not spending money on one. But there may be some money in it for you if you want to.
I know it has fast finality and relatively high through put, and smart contracts. Probably why the chart looks so good. Also, this is a relatively low market cap coin. It is not advisable to try and put on large amounts of margin or large market buy orders. You may very likely find yourself in a buy way above your intended price as you draw up the available liquidity. If you do that in a margin account you can quickly blow yourself out.
TL:DR
The chart looks good, come help pump my bags. We are all going to make it.*
*Not financial advice. I am not a financial advisor, and even if I was, I am not your advisor.
