Hello traders .
in this idea I wanna to talk about one coin which was recently try very big pump to the upside ; so let’s dive into the chart :
in the daily chart you can see , price pumped about 100% , after breaking the all time high ; and after that price started to retrace to the previous ATH .
in the chart you can clearly see price found bounce after retesting the weekly structure ( red box ) ; and now it’s seems to price is in the descending channel and also hold above the 21ema , but for more details we need to look at the smaller time frame :
here is the 4H chart :
in the 4H chart we can see price already breaked out from the descending channel and also the W pattern and now trying to retest it as new support , but it’s very important to hold above the the two four hour structure ( yellow box )
if I draw fib retracement tool from the bottom around 0.42$ until to the top at the 1.95$ ; you can see FTM price comes down exactly to the 0.618 fib level which is alignment with the weekly support and also the previous ATH ; and created very beautiful W pattern at this level ;
but now as you can see in the chart , the next resistance level is at the 0.382 fib retracement level ; so if FTM price break this level we can expect higher price target ; but what is my price target for this move :
in my opinion FTM price could easily reach 0.786 fib level because the technical target of the W pattern shows us that level but if you want to hold this coin for more longer time , you can expect these price targets :
my price target is these level : 0.618 , 0.786 , 1 , 1.27 ; you can take profit on these level , every target you can sell 25% of your FTM .
you can also calculate price target like this :
mix fib retracement with fib pro and by using of the FIB level takes profit in each price targets , which is shown by the green boxes .
I hope you enjoyed this analysis.
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