Master of Economics at the University of Melbourne. 5 years of experience in crypto trading. 7 years experience in stock trading. Follow me for more signals!
📈 $FET MAY HAVE ALREADY BOTTOMED – 2 UPSIDE TARGETS IN SIGHT! 🚀
FET appears to have completed its bottoming process, presenting an attractive buying opportunity with a favorable risk-to-reward setup.
On the 4-hour timeframe, FET has formed a clear Double Bottom pattern around the $0.182 support zone. More importantly, after rebounding from the second bottom, the price successfully retested the support area and held firmly, indicating that selling pressure is weakening while buyers are gradually taking control.
Looking at the higher timeframe structure, a broader Double Bottom formation is also taking shape. The major bottom zone has shown strong demand absorption, as repeated attempts to push the price lower have been rejected. This suggests that the current price area is viewed as an attractive accumulation zone by medium-term market participants.
At present, FET is approaching a key neckline resistance on the larger timeframe. A decisive breakout and close above this neckline would confirm the reversal pattern and potentially trigger a significant upward move.
⚠️ Stop Loss: below the major bottom at $0.182, as a breakdown below this level would invalidate the current bullish reversal setup.
Conclusion FET is showing multiple bullish signals:
✅ Formation of a Double Bottom pattern on the 4H timeframe. ✅ Successful retest confirmation after establishing support. ✅ Higher timeframe structure reinforcing the Double Bottom reversal thesis. ✅ Evidence of strong buying interest at the bottom zone, reducing downside risk. ✅ Potential neckline breakout, which could initiate a new upward trend toward higher targets.
With the current market structure, FET presents a compelling setup for traders and investors looking to capitalize on an early-stage trend reversal while maintaining a favorable risk-to-reward profile. As always, proper risk management and strict adherence to stop-loss levels remain essential.