$FTM Bull Case - Multiple Targets

1 Jun

FTMUSDT is looking quite bullish, with a very clean chart and well respected Fibonacci retracement levels.
The support is sitting right at 61.8% of the last leg up. (Common reversal level)

I think the chart is open to multiple interpretations, each with a different target:

Descending Triangle: $1
Also a key psychological level and a previous resistance.

Bull Pennant: $1.15
Previous resistance and close to the top from last March.

Elliott Wave W3: $1.3 or $1.62
If $0.76 is the local bottom, it would be a perfect Wave 2 end (61.8% of Wave 1).
According to Elliott Wave theory, the Wave 3 target would be either $1.3 (161.8% of W1) or $1.62 (261.8% of W1).
$1.3 is also a key support from 2021/2022.
$1.62 is also a resistance from 2022.

My strategy for this will be:

• Open a long position after a break above the resistance trendline, with a wide SL
  
• Take partial profits at each target
  
• Starting from $1.15, move my SL up below the previous target
  

Not Financial Advice

4 Jun

Trade aktif

Great entry, with a nice close well above the trendline.
We also had a leading signal from the RSI breakout 1 bar in advance.