Market & Ticker: Bitcoin - FTT/BUSDT
Date: 12/04/2023
Horizon / Timing: Mid-term / 1 to 3 months
Titre : FTT is trading range above key support – Focus on 3.45 resistance to reintegrate in order
Following the FTX fall down the FTT Token reached 0.7790 support level before drawing a range. Regarding the recent news flow around a possible restart of FTX exchange we highlight the key level to watch which can activate significant volatility.
Scenario:
Holding above 0.7790 and 1,37 support a further range is expected with a test of 3,45 (upper part) - only a clear break in daily close above 3.45 would open the next upside target.
Technical Key Elements:
- The long-term trend analysis shows potential towards 21.70
- The RSI is in positive area with upside potential with a bullish signal triggered
- The Moving average are being challenged ( = Range configuration)
- Fibonacci key support is adjusted at 0.7790 and 1.37 while the Elliot wave shows upside potential towards 8.40
Trade Idea conclusion: Buy
| Conviction |  | | Medium |
CAUTION : This strategie is high risk regarding the volatility and the lake of information confirming the re-start of FTX.
Target 2: 21.70
Target 1: 8.40
Confirmation level at: 3.45
Buy: add in dip area 1.37/1.92
Stop: 0.7740
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
