- On the daily chart we have an impulse Elliott Wave that has been completed and because of that, I expect an ABC retracement to the upside!
- A very strong resistance is at 1.13 – 1.00 USDT, we have a great confluence in this zone as you can see on the chart.
- Confluence: start of the gap + end of the wave 1 + end of the second wave 1 + 0.618 FIB retracement + 200 daily MA + psychological level 1.00 USDT.
- Price is printing a local descending channel and if bulls can break through this channel, then we can definitely go higher!
- Overall structure on the daily chart is bearish and I recommend only a short term counter trade here.
Fantom FTM – Time for the bullish action! Elliott Wave + 200 MA
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Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.