$FET
1. Support and Resistance Levels:
• The red dashed lines indicate resistance levels, with key resistances at $1.6 and $1.713.
• The green dashed lines show support levels, particularly around $1.35, $1.1, and $1.361. The level at $1.1 represents a significant support area, with a potential downside risk if broken.
2. Fair Value Gap (FVG):
• There’s an identified Fair Value Gap above $1.6. This gap suggests that price may attempt to fill this range, acting as a target area if the price moves upward.
3. Golden Cross:
• A Golden Cross has formed (MA 50 cross above MA 200), with the shorter-term moving average crossing above the longer-term moving average. This is a bullish signal, suggesting potential upward momentum.
4. Double Bottom Pattern:
• There’s a visible Double Bottom pattern with two bottoms marked as “Bottom 1” and “Bottom 2.” This pattern is typically a reversal signal, indicating that the previous downtrend might be shifting to an uptrend.
5. MACD and RSI Bearish Divergences:
• There are both MACD and RSI bearish divergences observed, where the MACD and RSI indicators show lower highs while the price makes higher highs. This divergence suggests weakening momentum and could indicate a potential price reversal or pullback in the short term.
6. Volume Oscillator:
• The Volume Oscillator is above 0%, suggesting that there’s decent buying pressure, but watch for any changes as it could indicate shifts in momentum.
7. Price Target:
• Based on the current trend and patterns, there’s a price target around $1.64 for short term trade, aligning with the resistance zone and FVG area.
Conclusion:
• The setup appears cautiously bullish due to the Double Bottom and Golden Cross. However, the MACD and RSI bearish divergences could imply a pullback before further continuation. Traders should watch for confirmation of a breakout above the $1.6 resistance or a breakdown below the $1.35 support level.
