FETCH Long Term Ascending Triangle
Why this looks like a great set up?
While looking through the charts and price action of many altcoins, of which most are printing nearly identical charts, I noticed that the bitcoin pair of Fetch.AI shows really great strength.
If you look at the dollar pair of a lot of these alt coins, look at charts such as VET/USD and THETA/USD and you will notice how similar they are. Then compare that price action to that of FET/USDT and you will notice that the highs stayed higher on the FET chart despite the shape of the price action being similar. Why? Because this chart is showing much better buyer support and strength against the value of Bitcoin. It is very simple. A lot of coins currently are printing very similar chart patterns, and Fetch is demonstrating its strength in its current and most recent price action.
I have absolutely no care about whether or not this is a great project, or if the fundamentals are mind-blowing, I simply care about the price action, the volume, and the quality of the price action itself. However, this being an AI coin and the current craze around AI is definitely the icing on the cake.
We have a multi-year ascending triangle which saw a break-out (early March 2024) and back-test (early August 2024). Now the chart appears to be showing bullish continuation bouncing off of the top of the triangle.
Between the recent high in March and the low which was established within the past 3 weeks, it appears that momentum is leading price action to the 0.236 fib retracement. This retracement level has been respected for the previous price-action peaks and retracements several times.
If you set up the fib retracements for the previous high and low cycles that this coin faced, you will notice confluence at the 0.236.
CURRENT PRICE ACTION:
For the immediate current price action, I expect either a break or a touch of the current cycle's 0.236 fib around 2200 sats. If the price touches 2200 sats, it should consolidate between 1800 and 2200 sats for a few days prior to continuing to the upside. If the price breaks 2200 sats, it should sit between the 0.236 and 0.382 for a little. If we blast through both within the next week or two, then just sit back and enjoy the show.
FUTURE PRICE TARGETS:
Looking at anything at least starting at the 1.618 fib extension, but only time and careful analysis will tell. Combining that with the measurement of the triangle, we land somewhere around the 2.618 fib at about 10k sats.
Watching for signs of a reversal when BTC hits it's next ATH between 100k and 200k will be important.
While looking through the charts and price action of many altcoins, of which most are printing nearly identical charts, I noticed that the bitcoin pair of Fetch.AI shows really great strength.
If you look at the dollar pair of a lot of these alt coins, look at charts such as VET/USD and THETA/USD and you will notice how similar they are. Then compare that price action to that of FET/USDT and you will notice that the highs stayed higher on the FET chart despite the shape of the price action being similar. Why? Because this chart is showing much better buyer support and strength against the value of Bitcoin. It is very simple. A lot of coins currently are printing very similar chart patterns, and Fetch is demonstrating its strength in its current and most recent price action.
I have absolutely no care about whether or not this is a great project, or if the fundamentals are mind-blowing, I simply care about the price action, the volume, and the quality of the price action itself. However, this being an AI coin and the current craze around AI is definitely the icing on the cake.
We have a multi-year ascending triangle which saw a break-out (early March 2024) and back-test (early August 2024). Now the chart appears to be showing bullish continuation bouncing off of the top of the triangle.
Between the recent high in March and the low which was established within the past 3 weeks, it appears that momentum is leading price action to the 0.236 fib retracement. This retracement level has been respected for the previous price-action peaks and retracements several times.
If you set up the fib retracements for the previous high and low cycles that this coin faced, you will notice confluence at the 0.236.
CURRENT PRICE ACTION:
For the immediate current price action, I expect either a break or a touch of the current cycle's 0.236 fib around 2200 sats. If the price touches 2200 sats, it should consolidate between 1800 and 2200 sats for a few days prior to continuing to the upside. If the price breaks 2200 sats, it should sit between the 0.236 and 0.382 for a little. If we blast through both within the next week or two, then just sit back and enjoy the show.
FUTURE PRICE TARGETS:
Looking at anything at least starting at the 1.618 fib extension, but only time and careful analysis will tell. Combining that with the measurement of the triangle, we land somewhere around the 2.618 fib at about 10k sats.
Watching for signs of a reversal when BTC hits it's next ATH between 100k and 200k will be important.
Ghi chú
100 sats away from the .236 after a nice breakout from a multi-hour sideways consolidation. Will it break or will it hold? We'll find out soon!
With the momentum and overall strength, I'm currently under the impression that the 0.236 will be flipped for support and the price will bounce above it for a little while.
Either way, looking great.
Ghi chú
Watching the smaller scale fibs for this consolidation. The .236 is being respected on the greater time scale.
Ghi chú
After a healthy retracement and consolidation, it looks like we can expect the next stop on the way between 3k and 3.3k sats :)
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