Fantom into a falling wedge pattern what I think it is a 5th wave ending diagonal, translated into Elliott wave theory.
Probably we ended the wave A from an ABC 5th wave of a 5th wave bigger degree and now we may enter into wave B from this ABC pattern(red count).
A trade plan here is to sell into 0.5 - 0.618 fib retracement (0.235 - 0.226 zone) of the wave A where also we have a strong resistance, the red pointed slope trend line.
Targets for this 5th wave is 0.150 - 0.145 zone where we have previous low from July 2021. We may take into consideration a truncation here as 0.618 fib extension 3rd vs 4th it perfectly aligns with the previous November 22 bottom.
Bigger picture remains bearish on FTM.
Any breakup of the wedge pattern will invalidated the count!!
If you want me to analyze other coins that interest you, please write in the comments, I will gladly do it within the available time.
Good luck!
Probably we ended the wave A from an ABC 5th wave of a 5th wave bigger degree and now we may enter into wave B from this ABC pattern(red count).
A trade plan here is to sell into 0.5 - 0.618 fib retracement (0.235 - 0.226 zone) of the wave A where also we have a strong resistance, the red pointed slope trend line.
Targets for this 5th wave is 0.150 - 0.145 zone where we have previous low from July 2021. We may take into consideration a truncation here as 0.618 fib extension 3rd vs 4th it perfectly aligns with the previous November 22 bottom.
Bigger picture remains bearish on FTM.
Any breakup of the wedge pattern will invalidated the count!!
If you want me to analyze other coins that interest you, please write in the comments, I will gladly do it within the available time.
Good luck!
