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FTT bull case

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FTX Token is trying to break out of this falling wedge (yellow) and may be forming Inverted Head and Shoulders🤷 on the Daily timeframe. If price breaks the falling wedge upper edge and then the Neckline I think there is chance for run to 68 and even higher. Actually in anticipation of this happening I'm already looking for buy signals on lower timeframe (2h) and I see another potential Inverted Head and Shoulders in the making:

Once the Neckline of this smaller iH&S (2h)☝️ is broken I will set the BUY LIMIT order to catch the pullback to Neckline (testing it from above) as shown on the 2h TF picture.

ENTRY: Backtest of the broken Neckline (2h) @ 43.5
STOPLOSS (SL): Right Shoulder (iH&S Daily) = Head (iH&S 2h) @ 37.3
TARGETS (TP): Inverted H&S target projections @ 49.5 & 68
REWARD RISK RATIO (RRR): 1 & 4
INVALIDATION: when SL level hit

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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.

注释

No impulsive break of the 2h neckline yet...

注释

Here we go: 2h necklive broken impulsively. Let's see if price will be able to stay above for next few hours. If yes then I will set the BUY LIMIT order in anticipation of pullback to the neckline just to test it as support and this is where I will be entering.

注释

Price still holding above the 2h neckline, so the break seems legit. Setting BUY LIMIT order at 43.5 to catch the pullback. SL 37.29

交易开始

Order filled ✔️

注释

Even though the 2h iH&S didn't play out exactly as expected, the trade is back on track again. I still think that the original target 49.5 will act as resistance anyway.