Home Crypto Crypto Market Analysis FUN/BTC – buy a valid breakout

FUN/BTC – buy a valid breakout

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FunFair (FUN)

Market Cap: $270.95M

Circulating Supply 4.86B FUN

Max Supply 0 FUN

Volume (24h) $43.88M

 

The crypto pair increased significantly today and has jumped above a crucial dynamic resistance. It remains to see what will happen because the price failed to stay above this obstacle. You should stay away, for now, to see if this will be a valid breakout.

We may have a great buying opportunity if the FUN/BTC will make a valid breakout above the near term dynamic resistance.

FUN/BTC chart

The FUN/BTC has finally managed to make a breakout above the median line (ML) of the major descending pitchfork, but it remains to see if this will be a valid one. Price has tested and retested the uptrend line and now is fighting hard to close and stabilize in the buyer’s territory.

A valid breakout above the median line (ML) will bring us a great buying opportunity with a Stop Loss below the uptrend line.

You should know that a failure to make a valid breakout will signal an overbought and exhaustion in the short term. This situation will send the rate towards the downside 50% Fibonacci line very quickly. The perspective will remain bullish as long as the rate stays above the uptrend line.

Conclusion

You can go long on this crypto pair after a valid breakout and after a minor increase. The Stop Loss should be placed below the uptrend line, while the first upside target will be at the upside 50% Fibonacci. The major upside target will be at the upper median line (UML) of the descending Pitchfork.

©Forex.Academy

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