1. $FTT Support and Resistance Levels:
Immediate Resistance: 2.7903 (recent short-term high). Breaking above this level would indicate bullish strength.
Major Resistance: 3.3400 (previous peak) acts as a strong resistance zone.
🚨Support:
Short-term support is around 2.7056 (24h low).
Next significant support is near 2.5356, which is the recent swing low.
🐻❄️2. Moving Averages (MA):
MA(7) at 2.7531: The price is currently below this short-term average, indicating near-term bearish pressure.
MA(25) at 2.8185: Acting as a resistance level and confirming bearish sentiment.
MA(99) at 2.8148: The long-term moving average also reflects overall downward bias.
💀3. Volume:
There was a notable volume spike during the previous sharp drop, suggesting selling pressure.
Current volume is relatively low, indicating indecision and lower trading activity.
🐏4. Trend:
The price has formed lower highs and lower lows, confirming a bearish trend.
If the price fails to reclaim resistance levels, further downside is possible.
🚨🚨Trading Strategy🚨🚨
⤵️⤵️Short Position (Bearish Scenario):
🧠Entry Point:
If the price breaks below 2.7056 (24h low), consider entering a short position.
Alternatively, a rejection near the 2.79-2.81 resistance zone (MA(25) and MA(99)) is also a short opportunity.
⏩Stop-Loss: Place stop-loss above 2.82 to protect against bullish reversals.
🎯Target:
First target at 2.5356 (previous low).
Second target at 2.4953 (next support zone).
⤴️⤴️Long Position (Bullish Scenario):
💀Entry Point:
Enter if the price breaks above 2.79 with strong volume, signaling a bullish reversal.
Look for confirmation from price action (e.g., bullish candle patterns like engulfing).
🧠Stop-Loss: Place stop-loss at 2.70 to minimize risk.
🎯Target:
First target at 3.0853 (interim resistance).
Second target at 3.3400 (major resistance
💰Market Insights
⤵️1. Bearish Bias:
The price is trading below all key moving averages (MA7, MA25, and MA99).
The formation of lower highs and lower lows confirms a short-term bearish trend.
🐷2. Volume Confirmation:
Low volume suggests that the market is currently consolidating. Watch for a volume spike near support/resistance for a clearer direction.
ℹ️ℹ️3. Key Levels to Watchℹ️ℹ️
Bearish Continuation: Below 2.7056 → Look for targets at 2.5356 and lower.
🫠Bullish Reversal: Above 2.79 → Focus on targets at 3.0853 and 3.34.
Summary🚨
Support: 2.7056, 2.5356
Resistance: 2.79, 3.0853, 3.34
Short Entry: Below 2.7056, target 2.5356.
Long Entry: Above 2.79, target 3.0853.
Risk Management: Given the bearish sentiment, short setups are currently favored. Use stop-loss orders to mitigate risks, as FTT can experience high volatility.
