FTM battling in the S/R channel, attempting to complete an impressive Double Top.
Neckline creates a very strong Support channel, coincidentally it's also the ~ Golden Pocket of Fibonacci Retracement taken from all time low to all time high (without account for massive wicks).
Neckline/GP range 1.27 to 1.16
Since January 22nd, FTM has been consolidating forming a narrow downtrend (on smaller TF).
FTM has already bounce up from 1.66-ish, towards the 2.05 level. Both of which are on the Fibonacci Retracement levels, naturally cause a reaction.
Overall, I believe FTM is heading towards the Neckline, stats show very little pressure from Bulls, plus BTC volatility is forcing a lot of retail to take profit (just in case).
My plan:
Not trading in S/R 21H channel, wait for FTM to reach 2.05, then I'll make an assessment if Neckline is a realistic target.
P.S. Let me know if you have a chart you would like me to take a look at.
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
❤️ If you enjoy my ideas, Please like/comment, it means a lot, Thank You! ❤️
Neckline creates a very strong Support channel, coincidentally it's also the ~ Golden Pocket of Fibonacci Retracement taken from all time low to all time high (without account for massive wicks).
Neckline/GP range 1.27 to 1.16
Since January 22nd, FTM has been consolidating forming a narrow downtrend (on smaller TF).
FTM has already bounce up from 1.66-ish, towards the 2.05 level. Both of which are on the Fibonacci Retracement levels, naturally cause a reaction.
Overall, I believe FTM is heading towards the Neckline, stats show very little pressure from Bulls, plus BTC volatility is forcing a lot of retail to take profit (just in case).
My plan:
Not trading in S/R 21H channel, wait for FTM to reach 2.05, then I'll make an assessment if Neckline is a realistic target.
P.S. Let me know if you have a chart you would like me to take a look at.
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
❤️ If you enjoy my ideas, Please like/comment, it means a lot, Thank You! ❤️
