Cryptocurrency Fantom (FTMUSD) is trading bearish for the last year, but looking at logarithmic scale chart from Elliott wave perspective, we see it trading in a higher degree A-B-C correction that can be slowly approaching the end. Currently it looks to be still trading in subwave (4) of C and considering that strong support is around 0.15 level, then be aware of a retest of the June lows for the final wave (5) of C before we will see a bullish reversal.
(Click on image to enlarge)
However, of course, wave (5) of C can be alternatively completed as well, but to even think about a bullish reversal, we need to see a recovery at least back above 0.42 region. Bullish confirmation is only above 1.00 region.
All the best!
More By This Author:
USDJPY Approaching Big 148 Intervention Level. Will BoJ Act?
Crypto Market Is Recovering As USD Turns South
XRPUSD Is Trapped In Consolidation
Comments
Log in or sign up to join the conversation.