Fetch.AI HTF
Aktualisiert
Fetch.ai soon to be ASI (Artificial super intelligence) after the merger with Singularity (AGIX) and Ocean protocol (OCEAN) has been a victim of the recent altcoin market drawdown. As on of the leading projects in the AI space, FET surged to a high of $3.47, since then price has been retracing back down the range created by the rally previously.
BEARISH: Now back at range low FET finds itself in a key area where the bearish trend can continue, break below range and continue to fall. This would be mostly influenced by a further sell off in BTC as alts are still at the mercy of Bitcoin. Should BTC continue to reject the '21 ATH and 4H 200EMA levels then price will naturally search for buyers with conviction. This chop has already been devastating to the altcoin market without a big flush. So this outcome is not improbable.
BULLISH: On the bullish side we have a very good R;R HTF entry level at range lows, in addition to a fully reset RSI in the oversold area compounded with a very bullish divergence being shown on the High timeframes. All three of these conditions add up to a high probability entry IF BTC behaves. Naturally if BTC decides to sell off then so will altcoins and FET is no exception. However, in this probability game this setup is one of the better LONG setups you could ask for. Couple that with the AI narrative and good fundamentals this looks bullish.
BEARISH: Now back at range low FET finds itself in a key area where the bearish trend can continue, break below range and continue to fall. This would be mostly influenced by a further sell off in BTC as alts are still at the mercy of Bitcoin. Should BTC continue to reject the '21 ATH and 4H 200EMA levels then price will naturally search for buyers with conviction. This chop has already been devastating to the altcoin market without a big flush. So this outcome is not improbable.
BULLISH: On the bullish side we have a very good R;R HTF entry level at range lows, in addition to a fully reset RSI in the oversold area compounded with a very bullish divergence being shown on the High timeframes. All three of these conditions add up to a high probability entry IF BTC behaves. Naturally if BTC decides to sell off then so will altcoins and FET is no exception. However, in this probability game this setup is one of the better LONG setups you could ask for. Couple that with the AI narrative and good fundamentals this looks bullish.
Anmerkung
At range lows now, very important S/R level.Anmerkung
FET moving exactly as predicted, despite BTC continuing to bleed slightly. Now that BTC is at support it needs to hold for FET to continue its reversal.
Anmerkung
Rejection off the 0.25 range line before retracing back to range lows. Now that BTC monthly candle has closed I will be looking closely at how Bitcoin begins Q3, on the LTF it has started positively, FET will follow if this continues. However, the monthly close was not necessarily bullish in my opination. Perhaps more chop to come.
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