Fetch.AI Symmetrical Triangle Setup
FET has formed a symmetrical triangle on higher time frames, indicating that a breakout is coming and which will help us understand whether bears or bulls will dominate in the near future.
The price is reacting to the weekly SMMA and due to the confluence with some previous supports, the $0.80 level is very strong and can support the price, the RSI is also in the oversold region.
If the price breaks the triangle to the upside with confirmation, I will open a long trade, I think this is the most likely scenario, with the first target at $1.48.
However, be prepared for both scenarios, because if the price breaks the triangle downwards, it is because the downtrend is still strong and it will be a bearish setup.
The price is reacting to the weekly SMMA and due to the confluence with some previous supports, the $0.80 level is very strong and can support the price, the RSI is also in the oversold region.
If the price breaks the triangle to the upside with confirmation, I will open a long trade, I think this is the most likely scenario, with the first target at $1.48.
However, be prepared for both scenarios, because if the price breaks the triangle downwards, it is because the downtrend is still strong and it will be a bearish setup.
Trading ditutup: target tercapai
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My Telegram Channel
t.me/TheTradingWizardFREE
The Trading Wizard
t.me/TheTradingWizardFREE
The Trading Wizard
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.