Fantom (FTM) - macro bearish divergence

On the above 1-day chart price action has appreciated by 2000% in less than 6 months! Astonishing. A number of reasons now exist to be bearish, including:

1) The confirmed bearish head and shoulders pattern with neckline break. Expect a back test.

2) The ‘pi cycle top’ alert.

3) Numerous oscillators are printing bearish divergence with price action.

4) Lastly on the weekly chart (below) price action prints a significant bearish divergence between price action and the RSI.

Is it possible price action prints a new all time high? Sure.

Is it probable? No.

Trade is void with a break of $3.20.

Good luck!

WW

weekly bearish divergence

Trade geschlossen: Ziel wurde erreicht:

85% correction. Price actin actually dropped past target.

Strong buy signal is now printing with price action on the golden ratio.

Kommentar:

March 2023 might offer a good long opportunity