I've made several analysis on FTM recently. In my most recent analysis I had $0.65 as my last target for the parabolic move. After hitting this target yesterday, FTM has seen a strong correction downwards.
Seeing that the 3-day RSI reached above 85 points, a correction was to be expected.
In my view, we're likely going to see more bearish pressure over the next few days. The market can rally, but FTM was severely overbought, so the technicals simply need to cool off.
I'm looking at the yellow area for a potential reversal. I belief that the bull-trend will continue, see reversal targets in blue.
Seeing that the 3-day RSI reached above 85 points, a correction was to be expected.
In my view, we're likely going to see more bearish pressure over the next few days. The market can rally, but FTM was severely overbought, so the technicals simply need to cool off.
I'm looking at the yellow area for a potential reversal. I belief that the bull-trend will continue, see reversal targets in blue.
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