Long
DONT FREAK OUT!! FTM is still in consolidation.
On the longer term chart we can see that FTM is still in a bullish consolidation pattern. Even though we had a decent drop this is the best thing that could've happened for fantom on the long term. If we can get a third confirmation of the lower trend line as well as the upper, this pattern will be confirmed. Remember though, even confirmed bull flags only break bullish 60-70% of the time. Patterns can fail and do all the time.
I expect FTM to break out of this pattern sometime april-june, as these patterns usually don't exhibit breakouts until the price action has moved to about 70% the way through the pattern.
Notice where I have circled the volume. The volume now is much much lower now than it was when FTM was in a rally. This is also supports the idea that were still in a consolidation pattern, however a long-term one.
I expect FTM to break out of this pattern sometime april-june, as these patterns usually don't exhibit breakouts until the price action has moved to about 70% the way through the pattern.
Notice where I have circled the volume. The volume now is much much lower now than it was when FTM was in a rally. This is also supports the idea that were still in a consolidation pattern, however a long-term one.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.