FTM/USDC - (Target reached - new analysis coming soon) FTM divergence calls for imminent recovery

Market & Ticker: Bitcoin– FTM/USDT 

Date: 20/10/2023 
 
 

Horizon / Timing:  Tactical Mid-term / 1 to 3 months 
 
 

Scenario:  

FTM maintains a capacity to hold above the key support at 0,1640 during the summer. The resistance at 0,2150 is still active, however the divergence on RSI is calling for an imminent bullish reaction. 
 
At the current level, the 0,1640 key support area remains strong on a mid-term perspective, while RSI is clearly oversold and diverging. As long as 0,1640 Remains a daily support active a further direct bullish move is expected to 0,2650/0,2990 which is the resistance to watch on the long term to clearly confirming a larger recovery to 0,4150 
 

Technical Key Elements: 

 
- RSI indicator is diverging 
- The Moving average are resistance 
- Fibonacci key support is adjusted at 0,1640 while the key resistance is adjusted at 0,2150 and 0,2990 

 
Trade Idea conclusion:  Neutral - Range 

Target 2: 0,2990 

Target 1: 0,2660 

Confirmation resistance: 0,2150 

Buy swing: add in dip area 0,1830 

Stop: 0,1640 

Chart: Daily Basis (Candle Stick) - Logarithmic  

Indicators: Exponential Moving Average (21/34/89) - RSI (21) 

DISCLAIMER

THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.