Disclaimer: This is not financial advice. Please conduct your own research before making any trading decisions.
Fantom (FTM) presents a potential opportunity for scalpers based on its recent price action. However, caution and confirmation are essential before entering a trade.
Market Context:
FTM's chart suggests a potential price consolidation or correction. A decisive break below $0.65 with a strong bearish candle would solidify the bottom of this correction around $0.47.
Scalping Strategy (Wait and See Recommended):
Given the uncertain market conditions, a wait-and-see approach is recommended until a Break Out of Structure (BOS) is confirmed.
BOS Zone: The ideal entry zone would be within the expected range of $0.52 - $0.54. This is where a price breakout from the consolidation pattern might occur.
Entry and Confirmation: If a BOS is confirmed with a strong bullish candle, entering a long position within this zone could be considered. Confirmation is crucial to avoid entering a trade prematurely.
Target and Stop-Loss:
Profit Target: A potential exit point could be at $0.78, aiming to capture profits if the price breaks out and continues upwards.
Stop-Loss: A stop-loss order should be placed below $0.47 to mitigate potential losses if the price breaks the confirmed bottom and the downtrend resumes.
Market Considerations:
Confirmation signals are essential before entering any trade. Wait for a clear break below $0.65 and a subsequent BOS within the $0.52 - $0.54 zone.
The broader market sentiment can significantly impact FTM's price.
Past performance is not necessarily indicative of future results. The price might not break below $0.65, and the consolidation could continue.