Fetch.AI Symmetrical Triangle Setup
FET has formed a symmetrical triangle on higher time frames, indicating that a breakout is coming and which will help us understand whether bears or bulls will dominate in the near future.
The price is reacting to the weekly SMMA and due to the confluence with some previous supports, the $0.80 level is very strong and can support the price, the RSI is also in the oversold region.
If the price breaks the triangle to the upside with confirmation, I will open a long trade, I think this is the most likely scenario, with the first target at $1.48.
However, be prepared for both scenarios, because if the price breaks the triangle downwards, it is because the downtrend is still strong and it will be a bearish setup.
The price is reacting to the weekly SMMA and due to the confluence with some previous supports, the $0.80 level is very strong and can support the price, the RSI is also in the oversold region.
If the price breaks the triangle to the upside with confirmation, I will open a long trade, I think this is the most likely scenario, with the first target at $1.48.
However, be prepared for both scenarios, because if the price breaks the triangle downwards, it is because the downtrend is still strong and it will be a bearish setup.
Trade fermée: cible de profit atteinte
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My Telegram Channel
t.me/TheTradingWizardFREE
The Trading Wizard
t.me/TheTradingWizardFREE
The Trading Wizard
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.