FTT/USDC - (Target Reached - new analysis coming soon) (High Risk Warning) 1,30 Tactical support penetrated - Alternative scenario confirmed
Market & Ticker: FTX – FTT/USDC
Date: 17/07/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
WARNING : The FTX token is subjected to high volatility. DYOR.
Scenario:
FTT is the Native token from the FTX platform which has been bankruptcy after the scandal concerning Sam Bankman-Fried and the whole FTX organization.
(FOMO) However the FTT is still listed and continues to generate high volatility move offering opportunity (considering the very high risk related to this asset).
FTT dropped sharply after having failed to accelerate to the upside before penetrating 1,30 key tactical support in Daily close.
The next key level to focus on area at 1,00 (Strategic support).
A new analysis will be published in case of new clear bullish set up.
WARNING : The FTX token is subjected to high volatility. DYOR.
Technical Key Elements:
- Auto similar move potential shows target at 4,25
- RSI indicator is positive without divergence
- Triangle Pattern is calling for a direct recovery towards 2,20
- Fibonacci key support is adjusted at 1,30 while the Elliot wave shows upside potential towards 2,20 and 4,25
Trade Idea conclusion: Buy
- Target 2: 4,25
- Target 1: 2,20
- Buy: 1,50
- Stop: 1,30 (Daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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