FTT Looks Bearish, Fell from $37 - Technical Analysis
Past Performance
On March 3, 2021, the opening price of FTT was $29.67. As of March 9, 2021, FTT closed at $37.54. Thus, in the past week, the price has surged by approximately 27%. In the last 24 hours, FTT has been trading between $33.50 - $37.85.
Day-Ahead and Tomorrow
Currently, FTT is trading at $35.99. The price has fallen from the opening price of $37.54. Thus, the market looks bearish.
The MACD and signal lines are in the positive territory. A bullish crossover by the MACD line over the signal line is indicative of a bullish market momentum. Hence, we can expect the price to go up. Price corrections are happening in the FTT market.
At present, the RSI indicator is at 71% into the ‘overbought’ region. Thus, the buying pressures are very high. Heavy buying will exert upward pressure on the FTT price.
The A/D line is upward sloping but has started declining slowly. Accumulations are still higher than distributions, but the market is slowly losing breath. Thus, the price may go up with some struggle but keep watching.
FTT Price Analysis
Currently, the price is just below the Fibonacci pivot point of $36.30. But, since the oscillators are showing a positive market momentum, we can expect the price to stabilize around the first Fibonacci pivot resistance level of $37.96, by the end of the day.
The price has tested the 23.6% FIB retracement level of $36.82 and fallen below it. Currently, it is testing the 38.2% FIB retracement level of $36.19 and is likely to fall below it soon. By the close of the day, if the price falls below the 76.4% FIB retracement level of $34.53, then probably a trend reversal has occurred. In that case, we can expect a bear-run tomorrow.