“FTT/USDT: Navigating the Momentum – Trade Plan and Key Levels”
FTT/USDT Trade Plan
• Bias: Neutral to short-term bullish, with a focus on managing potential pullbacks.
Updated Entry Zone:
• Primary Entry: $3.60 - $3.70 (current level, near a consolidation area)
• Secondary Entry (Pullback Buy): $3.40 - $3.50 (if price retraces)
Target Profit (TP):
• TP1: $3.90 (local resistance level)
• TP2: $4.20 (psychological barrier and significant resistance)
Stop-Loss (SL):
• Place a stop-loss at $3.40 to limit downside risks.
Analysis
1. Momentum: FTT has shown strong upward momentum over recent weeks, recovering from lows and moving steadily higher.
2. Resistance Ahead: The $3.90-$4.00 zone could act as significant resistance, so partial profit-taking is recommended at this level.
3. Volume & Volatility: Ensure continued volume supports the current price level, as a lack of buying momentum could lead to a retracement.
Risk Management
FTT’s past association with the collapse of FTX makes it inherently volatile and susceptible to sharp moves. Use a conservative position size and watch for news or regulatory developments that could impact sentiment.