- 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.
- https://www.tradingview.com/chart/FTMUSDT/Zbwmie8o-Fantom-FTM-Time-for-the-bullish-action-Elliott-Wave-200-MA/
