After breaking the raising wedge, FTM landed in a no man's land, between daily and monthly S/R. Sentiment is bearish at the moment, and while RSI points to "oversold", MACD is bearish, 8/21 EMA crossed into the bearish zone and candles are well below the 8EMA, with a monthly support at 0.242 crying for a touch.
On a positive note, 50 MA is about to cross the 100 MA (bullish), in confluence area with the daily S/R at 0.316 and the 8 EMA.
What I expect in the short term is for FTM to test the 0.316 resistance. I'll be observing how it goes from there. Failing to overcome that resistance means we'll most likely see more negative price action towards the monthly support at 0.242. However, going through the 0.316 resistance will give us a sign that it wants to re-test the HTF downtrend again, this time in confluence with the 0.36 resistance.
On a positive note, 50 MA is about to cross the 100 MA (bullish), in confluence area with the daily S/R at 0.316 and the 8 EMA.
What I expect in the short term is for FTM to test the 0.316 resistance. I'll be observing how it goes from there. Failing to overcome that resistance means we'll most likely see more negative price action towards the monthly support at 0.242. However, going through the 0.316 resistance will give us a sign that it wants to re-test the HTF downtrend again, this time in confluence with the 0.36 resistance.