FTT is trading range above key support

FTT MARKET_MINDS

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
:médaille:
:médaille:
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) 

 

 

  

 

 

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