The 8-hour chart of FET/USDT reveals a promising setup that could signal a bullish breakout.
Diametric Diamond Pattern: The chart appears to be forming a diametric diamond pattern, a bullish reversal pattern that often precedes significant price increases. This pattern consists of two converging trend lines, creating a diamond shape.
Entry Points: We've identified two potential entry points for this trade:
* Entry 1: The first entry point is located at the breakout of the lower trendline of the diamond pattern.
* Entry 2: The second entry point is slightly higher, at the breakout of the consolidation range after the initial breakout.
Targets:
* Target 1: The first target is located at the upper trendline of the diamond pattern.
* Target 2: The second target is significantly higher, at the resistance level above the diamond pattern.
Invalidation Level: A daily candle closing below the invalidation level would invalidate this analysis.
Risk Management:
* Stop Loss: Place a stop-loss order below the invalidation level to protect your capital.
* Take Profit: Consider taking partial profits at the first target and moving your stop-loss to entry to secure your gains.
Remember, this analysis is based on technical factors and past performance. It's essential to conduct your own research before making any investment decisions.
If you're looking for a high-potential coin with a strong community and a promising future, FET could be worth considering.
Disclaimer: This is not financial advice. Please do your own research before making any investment decisions.