FTM: Bullish Breakout Imminent! Watch for Confirmation
💎 FTM has recently broken out of a descending channel by forming a W pattern on the 200 EMA. Additionally, the price has exhibited Change of Character (CHoCH) and Break of Structure (BOS), indicating a shift towards a bullish market structure.
💎Currently, I anticipate a retracement on FTMUSDT towards the Bullish Order Block (OB), which is also supported by the Fibonacci 0.618 level and the 200 EMA. Prices near this level may show a bounce, but it's advisable to wait for confirmation through bullish candlestick formations.
💎If the price directly breaks the first resistance level, it can be considered a bullish structure, further increasing the probability of a bullish trend continuation.
💎However, if FTMUSDT breaks down directly below the bullish OB, it would be prudent to exercise caution and potentially avoid trading FTM until clearer market signals emerge.
💎Currently, I anticipate a retracement on FTMUSDT towards the Bullish Order Block (OB), which is also supported by the Fibonacci 0.618 level and the 200 EMA. Prices near this level may show a bounce, but it's advisable to wait for confirmation through bullish candlestick formations.
💎If the price directly breaks the first resistance level, it can be considered a bullish structure, further increasing the probability of a bullish trend continuation.
💎However, if FTMUSDT breaks down directly below the bullish OB, it would be prudent to exercise caution and potentially avoid trading FTM until clearer market signals emerge.
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