✅FTM: false breakout of the triangle! How to trade it?

٧ يونيو ٢٠٢٢

FTM is moving in a triangle, and if bitcoin falls, it will pull the altcoin price with it.

📊What are the preconditions for the price fall?
🔶First of all, the volume indicator shows that a lot of FTM coins were sold out after the huge growth. All these long traders will be fuel for the fall after the triangle breakdown. Additionally 2 other volume growth at the bottom shows us that the some traders accumulate FTM for long but also can be trapped.
🔶A bullish trap that could happen if the price break it up and return to the triangle would be a second reason to open a short. Volumes on the indicator should rise above the average, which will show us selling to long traders, after which it will make them fuel for the fall.
Also, the price could squeeze under the lower boundary of the triangle and break it down without a bullish trap.
🔶The price is now in the middle of the value area of $0.34-0.38, but if the price falls under that area, it will become a huge resistance for the altcoin.

✅Target 1 - key level of $0.3
✅Target 2 - key level of $0.24

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P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.