Technical Analysis - Fantom
FTM/BTC - 03/13/2020
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As shown above, we will be updating the technical analysis of FTM from the 20th of February.
Since the last update, we have broken the possibly crucial support and just continued with the breakdown. Unfortunately, FTM was not much affected by the bullishness of Altcoins during that period, which led to a clean re-test of the broken support before a major breakdown.
The MKAST-Algorithm had turned into a Sell-Signal right before FTM broke the support. Since then, it is still continuing to stay on a sell and most likely will do so unless we see clear signs of strength again. The TJ-Index is just at 3 out of 15 points now, this is indicating clearly oversold conditions, but it is still not viable to see a reversal, which is more likely at an Index level of 0 out of 15. The selling volume is obviously increasing, meaning sellers are actually there and selling significant amounts. To conclude this pair, there is not much left to do, apart from setting it on a watchlist and setting alerts for an MKAST Buy-Signal. Knife catching is dangerous and should not be done, especially not in this market.
This Technical Analysis is made by Kong Trading. The provided analysis should not be considered financial advice!