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FLM/USDTPERP Potential Upward Movement

FLM/USDTPERP Long-Term Trend: Bullish

Key Resistance Levels: 0.5761, 0.6448, 0.6500

Key Support Levels: 0.4830, 0.4322, 0.4300

Daily Chart:

The price on the higher time frame failed to break a strong support around the 0.3002 USDT mark and posted a double bottom formation which reversed the price to the upside. The price has left as series of higher highs and lows showing that we are in a clear uptrend.

FLM/USDTPERP Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price is traded inside a bullish channel formation, where we expect a lower correction count to the area of confluence. This area is made by a 50% Fibonacci retracement level and the strong support around the 0.4830 USDT level. This move will lead to a reversal and a move to the upside again in the same direction of the main trend.

Signal Idea:

Buy Limit Order @ 0.5050

TP 1 @ 0.5641

TP 2 @ 0.5761

Stop Loss @ 0.4856

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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