"Wave 3 Pump" Fetch.ai - FET TECHNICAL ANALYSIS AND PRICE PREDICTION

Crypto Hazeeq
25 Feb 202411:35

TLDRThe video discusses the cryptocurrency Fetch.ai, emphasizing the importance of personal research before investing. It analyzes the weekly chart, highlighting a Fibonacci retracement from June 2023 to January 2023, and the subsequent price movements. The video identifies key support levels, such as the 20 EMA, and discusses potential entry points and targets for investors. It also touches on the overextended daily RSI and the potential for a correction, while considering the Elliot wave theory for future price predictions. The presenter advises caution on entering at current prices due to the risk of a significant correction and suggests waiting for a retest or a discount. The video concludes with a call to action for viewers to share their thoughts and strategies regarding Fetch.ai.

Takeaways

  • 🚀 The video discusses the cryptocurrency Fetch.ai and its technical analysis (TA), emphasizing that the speaker is not a financial adviser.
  • 📈 A Fibonacci retracement is highlighted, starting from June 2023 to January 2023, with a focus on the 1.618 technical target.
  • 📊 The speaker mentions a successful trade opportunity around 25 cents and a subsequent price explosion into December and January 2024.
  • 📉 After reaching the 1.618 target, the price retraced back to the 1.27 and 2, and then to the 20 MA, which acted as support.
  • 💹 The 20 MA is identified as a strong support band during the bull market, with the price doubling from the support bounce.
  • 🔄 The video notes that the price did not retest the previous resistance level, which is seen as bullish.
  • 📉 The daily chart analysis suggests caution due to the overextended price, with the speaker recommending a wait for a 15-20% discount.
  • 🎯 Entry points for Fetch.ai are discussed, with 79 cents being a good price level, and potential support levels at 0.5 and 0.618 Fibonacci retracement levels.
  • 📊 The weekly chart shows a massive Fibonacci setup, with a minimal target of $1.90 and a maximal target of $4.86, based on the 1.618 extension.
  • 🌪️ The speaker anticipates a correction due to the overbought RSI and historical patterns, but also suggests potential for continued upward momentum.
  • 📈 The video concludes with a bullish outlook for Fetch.ai, suggesting that the current uptrend could continue, but cautions about the risk of a significant correction.

Q & A

  • What is the speaker's disclaimer at the beginning of the video?

    -The speaker clarifies that they are not a financial adviser and recommends viewers to do their own research before investing in crypto.

  • What is the significance of the Fibonacci retracement mentioned in the video?

    -The Fibonacci retracement is used to identify potential support and resistance levels based on historical price movements, from the June 2023 bottom to the January 2023 top.

  • At what price did the speaker's group pick up Fetch.ai tokens on Patreon?

    -The speaker's group picked up Fetch.ai tokens at around 25 cents.

  • What was the technical target for Fetch.ai based on the Fibonacci retracement?

    -The technical target was 78 to 79 cents, which is the 1.618 Fibonacci level.

  • What is the significance of the 20 EMA (Exponential Moving Average) in the context of the video?

    -The 20 EMA serves as a support band during the bull market and is a key level for potential entry points into Fetch.ai.

  • What is the speaker's view on entering Fetch.ai at the current prices?

    -The speaker advises caution, as the daily chart shows Fetch.ai is overextended, and they prefer to enter when prices are lower.

  • What are the potential entry points for Fetch.ai according to the speaker?

    -The potential entry points are around 79 cents (local top from December) and support levels around 0.5 and 0.618 Fibonacci retracement levels.

  • What is the speaker's outlook for Fetch.ai's price based on the weekly chart?

    -The speaker sees a potential for Fetch.ai to reach a minimum target of $1.90 and a more ambitious target of $4.86, based on the Fibonacci extension levels.

  • How does the speaker describe the current RSI (Relative Strength Index) on the daily chart?

    -The speaker notes that the RSI is overextended, indicating that the market is overbought and a correction is likely.

  • What is the speaker's strategy for potential accumulation of Fetch.ai tokens?

    -The speaker suggests waiting for a price drop, possibly to the previous all-time high, to accumulate tokens before another potential price increase.

Outlines

00:00

📈 Introduction to Fetch.ai Analysis

The video begins with a disclaimer about financial advice and then dives into an analysis of Fetch.ai's weekly chart. The focus is on a Fibonacci retracement set from a low in June 2023 to a high in January 2023. The video mentions a successful trade opportunity around 25 cents and a significant price target of 78-79 cents based on the Fibonacci levels. The 20-day moving average (20 MA) is highlighted as a support band, and the video discusses the retracement to the 1.27 and 20 MA levels, as well as the potential for a 15-20% discount. The script also touches on the importance of not retesting a certain block and the bullish indication of the 20 MA holding as support.

05:01

📊 Daily Chart Analysis and Entry Points

The video transitions to the daily chart, noting the overextended nature of the current prices. It advises caution about entering Fetch.ai at the current levels due to the significant increase from November 2022. The local top from December is identified as a potential entry point at 79 cents, with other local tops and a diagonal resistance trend line broken above as targets. The 20 MA on the daily chart is considered fragile, and the video suggests looking for a retest of 79 cents as an optimal entry point. The daily RSI is noted as overextended, and the video suggests waiting for a correction. A Fibonacci retracement is suggested for potential support levels, with the 0.5 and 0.618 levels highlighted as good entry points.

10:01

🚀 Long-Term Outlook and Volume Confirmation

The video discusses a long-term Fibonacci setup from December 2022 to the all-time high in December 2021, with a focus on the potential for a 5x increase from the current price. It mentions the Elliot wave theory and the possibility of a wave three being the biggest wave, with potential targets at $1.90 and $2.78. The video also addresses the likelihood of a correction due to the overbought RSI and the pattern of corrections in the past. The stochastic indicator is noted as starting from oversold levels, suggesting potential momentum for the short to mid-term. The video concludes with a discussion on the significant volume coming into Fetch.ai, confirming breakouts and a bullish outlook, and encourages viewers to share their thoughts and targets for Fetch.ai.

Mindmap

Keywords

💡Fibonacci retracement

A technical analysis tool used to identify potential support and resistance levels by measuring the strength of a price move. In the video, the Fibonacci retracement is set from the June 2023 bottom to the January 2023 top to analyze the price movement of Fetch.ai. The levels (1.618, 1.27, etc.) are used to predict future price behavior.

💡Technical Analysis (TA)

The art of analyzing financial markets for forecasting future market trends, primarily through the study of past market data. In the context of the video, TA is used to examine the price charts of Fetch.ai to make informed predictions about its future performance.

💡Bull market

A market condition where prices are rising or are expected to rise, typically characterized by optimism and investor confidence. The video discusses the bull market in relation to the 20 EMA (Exponential Moving Average) acting as a support band for Fetch.ai.

💡Exponential Moving Average (EMA)

A type of moving average that gives more weight to the most recent data points, thus providing a more responsive indicator of current market trends. In the video, the 20 EMA is mentioned as a support level for Fetch.ai during a bull market.

💡Overextended

A term used in technical analysis to describe a situation where an asset's price has risen too quickly, often leading to a potential price correction. The video warns about Fetch.ai being overextended on the daily chart, suggesting caution for new investments.

💡RSI (Relative Strength Index)

A momentum oscillator that measures the speed and change of price movements. It is used to identify overbought or oversold conditions. The video mentions the daily RSI being overextended, indicating that Fetch.ai might be due for a price correction.

💡Elliot Wave Theory

A technical analysis method that forecasts market trends by identifying patterns in price movements, which are thought to reflect investor psychology. The video references wave three of the Elliot Wave Theory, suggesting that it is typically the largest wave and could lead to significant price increases for Fetch.ai.

💡Volume

The number of shares or contracts traded in a security or market during a given period. High volume is often associated with confirmation of price movements. The video notes the increase in volume for Fetch.ai, confirming the breakouts and bullish sentiment.

💡Stochastic Oscillator

A technical indicator that compares the closing price of an asset to its price range over a set number of periods, indicating overbought or oversold conditions. The video mentions the stochastic oscillator starting from oversold levels, suggesting potential upward momentum for Fetch.ai.

💡Accumulation phase

A period in which investors are buying an asset, leading to an increase in price. The video discusses two accumulation phases in 2022 and 2023 where investors could have bought Fetch.ai tokens before significant price increases.

💡Wave five

In Elliot Wave Theory, the fifth and final wave of a bullish market cycle, which is expected to reach the peak before a trend reversal. The video suggests that Fetch.ai could experience a wave five, leading to high prices by the end of the year and into the first half of 2025.

Highlights

The video discusses the technical analysis of Fetch.ai, emphasizing that the speaker is not a financial adviser.

A Fibonacci retracement is shown from the June 2023 bottom to the January 2023 top.

The speaker mentions a move down followed by consolidation and a subsequent explosion into December and January 2024.

The technical target based on the Fibonacci retracement was reached at 78-79 cents.

The speaker refers to a previous analysis of Fetch.ai and provides a link in the description for viewers.

After reaching the 1.618 retracement level, there was a retracement back to the 1.27 and 2, and then to the 20 MA.

The 20 MA is identified as a support band during the bull market.

The speaker discusses the overextension on the daily chart and advises caution about entering Fetch.ai at current prices.

A local top from December is identified as a potential entry point at 79 cents.

The daily RSI is noted as overextended, suggesting a potential for a correction.

The speaker mentions a Fibonacci retracement strategy for potential support levels below the current price.

The video transitions to a weekly chart analysis, highlighting a massive Fibonacci setup from December 2022.

The all-time high is mentioned as being broken above 90 cents, with a minimal target set at $1.90.

The speaker discusses the possibility of Fetch.ai reaching $4.86 based on the 1.618 Fibonacci level.

The video mentions the potential for a 5x increase from the current price for Fetch.ai.

The speaker notes that the market is in wave three of the Elliot wave theory, which is typically the biggest wave.

The RSI is again noted as overbought, indicating a likelihood of a future correction.

The speaker mentions the stochastic indicator starting from oversold levels, suggesting potential momentum for the short to midterm.

Volume is highlighted as confirming the breakouts seen on the charts, indicating bullish momentum for Fetch.ai.

The speaker concludes by discussing the potential for a sideways channel after the current uptrend and a possible wave five breakout.

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