FTM-210824

FTM shows all signs of an upcoming (bullish) breakout.

• It formed a bottom slightly below its consolidation channel.
• It returned to the channel and consolidated it for a few days.
• It is getting closer to its long-term downtrend (currently at $0.4) and the resistance of the consolidation channel ($0.425).

The long-term downtrend is especially important to watch. If FTM can break above this level, the upper resistance will not hold long.

A decisive break above this level should quickly propel the price to $0.54.

As always, it is still risky since Bitcoin is trading in its sideways channel. However, adding a positive sense: FTM could quickly reclaim the $0.85 and $1 levels if Bitcoin starts moving upwards.

Trade Setup

Here's a trade setup we can choose:

• Entry (slightly more risk): After a break of the downtrend
• Entry (safer): After a break of the downtrend + resistance at 0.425
• Target 1: $0.54
• Target 2: $0.64
• Target 3: $0.84
• Target 4: $1
• Stop Loss: $0.398 (~4.5%)
• R/R Ratio (based on Target 1): 6.5

As mentioned, Target 2-4 might only make sense if Bitcoin starts moving. Otherwise, it is safer to take profits at the first target.