$FTM finished retracement and moving uptrend
Based on the provided FTM charts, here’s a detailed technical analysis:
Daily Time Frame (Higher Time Frame Analysis)
1. Support and Resistance Levels:
Resistance Zone: Around $1.03–$1.05.
The price reached this level and rejected, indicating strong selling pressure.
Support Zone: Around $0.90–$0.95.
A clear demand zone where buying activity is noticeable.
2. Trend:
The price is currently in an uptrend, as it has made higher highs and higher lows.
The price broke above the previous resistance and tested the $1+ region, but now it's retracing.
3. Volume:
A significant spike in volume during the recent breakout above $0.95 indicates strong buyer interest.
Decreasing volume during the retracement suggests it might be a healthy correction rather than a trend reversal.
4. Key Observations:
The price rejected the overhead resistance and is retracing towards the support level.
The dotted lines indicate a possible ascending channel, acting as dynamic support and resistance.
15-Minute Time Frame (Lower Time Frame Analysis)
1. Resistance Zone:
Strong selling pressure is evident at $1.03–$1.05, as shown by multiple rejections.
2. Support Zone:
Immediate support is seen around $0.97–$0.98.
Further downside could target the broader support zone at $0.90–$0.95.
3. Price Action:
The price is consolidating between the $1.03 resistance and the $0.97 support.
If the price breaks below $0.97 with strong volume, it may test the lower support zone at $0.90–$0.95.
4. Volume:
Volume is decreasing on lower time frames, indicating indecision in the market.
5. Trading Opportunities:
Bullish Scenario: If the price bounces from the $0.97–$0.98 support and breaks above $1.03, it could retest $1.10.
Bearish Scenario: If the price breaks below $0.97, it could retrace toward $0.90.
Conclusion and Strategy
1. Key Levels:
Resistance: $1.03–$1.05.
Support: $0.97–$0.98 (immediate), $0.90–$0.95 (major).
2. Trend Continuation:
The daily trend remains bullish unless the price breaks below the $0.90 support zone.
3. Actionable Plan:
Long Position: Wait for a bounce from the $0.90–$0.95 zone with confirmation (e.g., bullish candlestick patterns or volume spike).
Short Position: Consider shorting if the price breaks below $0.97 with strong selling pressure, targeting $0.90.
4. Risk Management:
Use tight stop-loss levels below key support zones for long positions and above resistance for short positions.
This analysis s
uggests patience, as the current price action shows a potential retest of key support levels before any significant move.