$FET Does Zooming out look better?

has been underperforming lately and the local chart looks trash so I wanted to zoom out to give us all some context on the larger picture which hasn't really changed.

Price appears to have completed wave II at the High Volume Node (HVN) support and 0.5- 0.618 'Golden Pocket' Fibonacci retracement and wave 3 is underway but finding local resistance.

Pivots are warped due to the strength of the move last year so wouldn't count them as reliable so focusing on support and resistance. The megaphone pattern is clear and the next area of resistance when FET starts moving is the $1.2

Weekly RSI is decreasing and is attempting to cross bearishly. If Bitcoin has a significant pullback I would expect new lows for FET at this rate. I have a neutral stance at this point.

Analysis is invalidated below $0.546

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Maddox_Metrics

🎓 Behavioural Economist (PhD)
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