How To Use Candlestick Charts For Analyzing Fantom (FTM)
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Use of candlesticks to analyze Fantom (FTM)
Chandelier graphics are a powerful tool in technical analysis, and when it comes to analyzing cryptocurrencies like Fantom (FTM), they can be particularly useful. In this article, we will explore how to use the chandelier graphics to analyze the ghost cryptocurrency.
What is Fantom?
FANTOM (FTM) is an open source blockchain platform, decentralized and fully transparent which allows fast, low cost and secure transactions. It was founded in 2017 by a team of developers of the Ethereum community, in order to create a more scalable and more effective alternative to Bitcoin.
Understand the chandelier graphics
Chandelier graphics are graphic representations of price movements over time. Each candle represents a single session of the negotiation day, with two main types of candles: Upcandles (green) and Downcandles (red). The color of the candlestick indicates the direction of the price movement:
- Green = upward trend
- Red = downward trend
Use of chandelier graphics to analyze Fantom
Here are some key points to consider when using chandelier graphics to analyze Fantom:
- Fields : Choose a delay that meets your analysis needs, such as candles of 4 hours, 1 day or 5 days.
- Recognition of candlelight models : Familiarize yourself with the models of common candlesticks on the fantom blockchain, in particular:
* Hammer
* Shooting star
* England Haussier
* Engulf
- FANTOM Relative force index (RSI) : The RSI is a momentum indicator which helps to measure the strength of a trend. It has been observed that the 14 -day Fantom RSI has been slightly exaggerated lately, suggesting a potential reversal.
- Support and resistance : Identify key support levels around $ 0.75 at $ 1.00 (the current price range) and resistance levels around $ 2.50 to 3, $ $ (Historic summits).
- Trade with prudence : Fantom price movements can be quite volatile, it is therefore essential to be caution during negotiation. Consider using stop-loss and for-profit targets according to your analysis.
- Compare to other cryptocurrencies
: analyze the performance of Fantom compared to other cryptocurrencies on the market, such as Ethereum (ETH) or Litecoin (LTC).
Example of use cases:
Let’s say you are a merchant looking for opportunities to buy fantom at $ 0.75 at $ 1.00 and sell it to $ 2.50 to $ 3.00. Using the chandelier graphics, you can identify the following:
- A bullish hammer model with a high volume of purchase activity around $ 0.80 (indicating high demand)
- A lower swallowing model with a low volume of sales activity around $ 1.20 (indicating low pressure from the seller)
- Support levels: $ 0.75 – $ 0.85 and resistance levels: $ 2.00 – $ 2.10
- RSI Overbush at 70, indicating a potential reversal
Conclusion
Chandelier graphics can be a powerful tool to analyze the ghostly cryptocurrency. By understanding the main models of candlesticks and using relative force indices (RSI) to assess the momentum, traders can make more informed decisions on the purchase and sale of ghost. Do not forget to always be caution during negotiations and compare your analysis to that of other cryptocurrencies on the market.
Additional resources
- [Fantom Blockchain Documentation] (
- [FTM Coigecko Prix Chart] (
- [Cryptoslate: Fantom (FTM) Trading guide] (
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