FET technical analysis

in crypto •  18 days ago 


FET seen from the temporality of 1D we can observe a strong bullish divergence in relation to the technical indicator RSI, the volume of the current candle is above the average, 3 point pattern completed at this point which is causing the current bullish impulse, to get close above the blue horizontal that I have drawn within the chart located at 0.0939 we are going to see a bullish continuation that targets the monthly resistance located at 0.1829.

FET seen from the 4H temporality we can look more closely at the current movement of candles, we see how the price has made a strong upward push after the price will reach the top of this downward wedge, the current candle is showing fatigue after reaching the ITZ point, we should see a possible retreat into the zone of demand located within the range of 0.0773 – 0.0817, where we would have an ABC structure ready for a much longer upward movement.

In conclusion, we should see in the next few hours a reversal to the aforementioned demand zone on the chart above 4H so that we can see a trend change towards our target at 0.1829, for this to be achieved we need confirmation with the closing of a daily candle above 0.0939, otherwise we could see the price fall towards the diagonal support of the larger figure drawn on the blue chart which would increase the chances of a bearish break, I recommend to be very attentive to the price movement in the next 4H candles and wait for confirmation in 1D.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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