Long

Potential for reversal of downtrend

Updated

FTM is forming a double bottom pattern with decent volume. If more volume comes to confirm, this could be the reversal of its downtrend. Also the recent fundamentals(weiss ratings review, token swap bridge with binance chain) of the coin are in sync with the double bottom pattern. Targets to look out for if the setup is invalidated are mentioned in the chart. RSI is clean.
- Also look out for triple bottom reversal

Trade closed manually

I forgot to update this post. Closed the trade at 235 sats itself as the volume was not following through

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It is forming a base fore wave 3. The third reversal from the bottom is in sync with the Dubai partnership Fantom foundation has made to transform Dubai into a blockchain powered city.

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Buyers are taking control

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Tight consolidation at 200 sats. Will breakout anytime now.

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This market finally took off.

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Don't take these updates seriously. I am experimenting with this market for short term trades. -

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Woke up to see this wedge getting steeper than expected. Breakdown can be early in the 280-300 sats range. Breakdown will not be a free fall. The maximum it could fall i s upto 250sats where it formed market structure support on the 4 hour chart.

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It can breakdown now itself

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Wave (3) has started and would top at 325 sats. Trying to trade subwaves of this wave

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Yesterday, I had a suspicion that the flat correction might be playing out despite high volume showing up in new wave 1. So I sold at 270 and kept a stop limit at 270 with trigger at 271. I was lucky that market came as high as 270 and and didn't trigger my stop. Now it is at 255 sats also the 61.8 retracement of wave (B)(new wave 1). There is a possibility for wave (C) to retrace 100% of wave (B). If it doesn't retrace 100%, these waves (B) & (C) will be treated as waves 1 & 2 of the new bull cycle as I did earlier. The high volumes in wave (B) is deceiving to get into a bull trap.

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This may be the correct elliott wave count

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I will not be shorting from now on as I think this is gonna go parabolic

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New post -

FTM - Elliott wave Analysis from 31/7/19 - Learner's module

karthiksai

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