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Use of candlesticks for phantom analysis (FTM)
Candlers cards are a powerful tool in technical analysis, and when it comes to the analysis of the crypto currency such as phantom (FTM), they can be particularly useful. In this article, we will explore how to use candlestick scales for analysis of the Crypto Currency Fanta currency.
What is a phantom?
Fantom (FTM) is an open, decentralized and completely translucent blockchain platform that enables fast, cheap and safe transactions. It was founded in 2017. A team of developers from the Ethereum community, with the aim of creating a more scalabyl and more effective alternative Bitcoin.
Understanding a candlestick
Candlers cards are graphic views of prices over time. Each candle represents one session of the trading day, with two main types of candles: UPCANDles (Green) and Downncandles (Red). The candle color indicates the direction of the price of price:
- Green = trend upwards
- Red = trend downward
Use of candlesticks for phantom analysis
Here are some key points that need to be taken into account when using a chart candle to analyze the phantom:
- Time box : Choose a time box that fits your analysis needs, such as a 4-hour, one day or five-day candle.
- Candlestick sample recognition : Get to know the usual candlestick patterns on the blockchain phantom, including:
* Hammer
* Stars’ gain
* Bull’s procedure
* Bear affects
- A relative power index of a fanative power (RSI) : RSI is a momentum indicator that helps measure trend power. Fanta’s 14-day RSI has been observed that it has been a little exaggerated lately, suggesting a potential turnaround.
- Support and resistance : Identify key support levels around $ 0.75 to $ 1.00 (current price range) and resistance levels about $ 2.50 to $ 3.00 (historical maximum).
- Caution store : Fanta’s price movements can be quite unstable, so it is crucial to warn caution when trading. Consider using stop-guitates and taking aiming based on your analysis.
- Compare with other cryptic currencies : analyze Fant’s performance compared to other crypto currencies on the market, such as Ethereum (ETH) or Litecoin (LTC).
Example uses the case:
Let’s say you are a merchant who is looking for opportunities to buy a phantom from $ 0.75 to $ 1.00 and sell it $ 2.50 to $ 3.00 each. You can recognize the following using candlestick scales:
- Bull hammer sample with a large amount of buying activity about $ 0.80 (indicating strong demand)
- Bear form that is affected with small quantities of sales activity about $ 1,20 (which indicates poor seller pressure)
- Support levels: 0.75 to $ 0.85 and resistance levels: $ 2.00 to $ 2.10
- RSI translated to 70, indicating a potential turnaround
Conclusion
Candlesticks can be a powerful tool for analysis of the Crypto Currency Fanta currency. Understanding the key candlestick patterns and using relative strength indexes (RSI) to assess the momentum, traders can make more informed decisions to buy and sell the phantom. Remember that you always use caution when trading and compare your analysis with that other crypto currency on the market.
additional resources
- [Phantom blockchain documentation] (
- [FTM COINEGECTO Price Tip] (
- [CRYPTOLATE: Phantom (FTM) Trading Guide] (