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FETCH.AI FET Elliott Wave Analysis: Bullish and Bearish Scenarios
Introduction
In this article, we will provide an update on the current state of Fetch.AI (FET) based on Elliott Wave analysis, which highlights both bullish and bearish scenarios in the market. Currently, FET is adhering to the overall market forecast and has responded well to the identified support zone.
Current Market Position
As previously discussed, we are now potentially witnessing the unfolding of wave one in a larger third wave, which we mentioned in our recent updates. There's a possibility that this wave could eventually take us into the $ 2 region. This was a topic of discussion in our member live stream held on Sunday, where we outlined this potential trade setup.
Recent Movements and Targets
Thus far, the market has created a profitable trading opportunity as the support area has been effectively reached. An internal target area was identified between $ 1.28 and $ 1.36. I am labeling this as an ABC structure, with the potential that the c-wave of wave two has bottomed out. Consequently, we may now be starting the third wave, with wave one of three expected to follow a five-wave pattern.
Upon the completion of the next five-wave movement, we will include the support zone for wave two. For those who might have missed the initial one-two setup, another could form as part of this developing larger third wave.
Several targets are noteworthy regarding this unfolding pattern. The first target to keep an eye on is $ 142, which serves as both structural resistance and the 38.2 extension of the original one-two setup. This point could signal where wave one of three peaks. However, it is anticipated that the price may reach a bit higher, specifically between $ 142 and $ 155, which are key Fibonacci levels.
Current Observations
As I assess the current structure, I can only identify three waves upward at this time. If we achieve five total waves, we can then add the support range to the chart. It's important to note that trading setups have been limited lately, but Fetch.AI has provided a solid opportunity, allowing traders to enter in the support range defined between $ 126 and $ 128.
Future Considerations
Zooming out further, we need to confirm whether all five waves can complete within wave three, targeting around $ 2. If this occurs, we will then have the potential to add the next support for wave four, although we still have some distance to cover to reach that stage.
There's also significant structural resistance on the chart at the $ 154 level, which coincides with the 61.8 extension. Beyond this, additional resistance is present at approximately $ 186-$ 187. While the outlook for Fetch.AI remains positive, it’s crucial to remain prepared for surprises, given the volatility of the market.
Conclusion
In summary, this Elliott Wave analysis presents a cautiously optimistic outlook for Fetch.AI (FET) while highlighting the necessity of monitoring specific price levels and resistance zones for further trading opportunities.
Keyword
FET, Fetch.AI, Elliott Wave analysis, support zone, bullish, bearish, trading opportunity, wave structure, Fibonacci levels, market forecast, resistance levels.
FAQ
What is Fetch.AI (FET)?
Fetch.AI is a cryptocurrency and digital ledger technology platform that utilizes blockchain to enhance data sharing and manage autonomous agents.
What does Elliott Wave analysis involve?
Elliott Wave analysis is a method of technical analysis used to forecast price movements by identifying wave patterns in market behavior.
What are key resistance levels for FET?
Key resistance levels for FET include $ 154 and approximately $ 186-$ 187.
What price range is considered the support zone for FET?
The identified support zone for FET ranges between $ 126 and $ 128.
What is the significance of Fibonacci levels in trading?
Fibonacci levels are used in technical analysis to identify potential areas of support and resistance, aiding traders in making informed decisions.