FTM/USDT – Rising Channel Play
2024-12-27
Category: None

This setup aims to ride the momentum of a well-defined ascending channel while using the 200MA for risk management. If FTM holds in this channel, it could keep pushing higher. However, if it breaches the 200MA decisively, it may signal a deeper pullback or trend shift.

 
  Rising Channel: FTM has been respecting a clear ascending channel on the daily timeframe, making higher highs and higher lows since mid-year. Prices are currently near the channel’s midpoint to upper half.

  RSI Trend: The RSI on the daily timeframe is forming higher lows, confirming bullish momentum. However, RSI is not oversold or overbought yet, so there’s still room for an upside move, but watch for divergences.

  200MA as Key Support: Our stop loss is set just below the 200-day moving average. This MA often serves as a significant support/resistance level, so a daily close below it would signal a potential trend reversal and trigger the stop.

  RSI Trend: The RSI on the daily timeframe is forming higher lows, confirming bullish momentum. However, RSI is not oversold or overbought yet, so there’s still room for an upside move, but watch for divergences.
  

 Trade Setup 
Entry: Around current levels (0.84–0.90) within the channel.
Targets:
1.00–1.10 (shorter-term Fib resistance)
1.28–1.80 (longer-term Fib extension and channel’s upper boundary)
Stop Loss: Below the 200MA (around 0.63-0.65), indicating invalidation if price closes under this level on the daily chart.

