Technical analysis by King_BennyBag about Symbol FET: Buy recommendation (6/2/2025)

FET 1Hr Time Frame 📝 Technical Analysis:FET is currently forming an ascending triangle pattern, a typically bullish continuation structure. This pattern is developing after a clear retest of the demand zone between $0.7038 and $0.7390, which previously acted as a strong support area.✅ Key confirmations:- Two clear rejections from the lower boundary of the ascending triangle, suggesting strong buying interest.-A break of the previous bearish trendline, shifting market sentiment from bearish to neutral/bullish.-Volume consolidation seen in the lower portion of the chart aligns with the tightening price action – often a precursor to breakout.📊 Price Action Insights:- The next potential retracement is expected around the Golden Pocket (0.618–0.65 Fib zone), which aligns with both the ascending triangle support line and demand zone – this confluence adds strength to the level.- A breakout above the triangle's resistance, with confirmation, would present a long opportunity.- Fair Value Gaps (FVGs) on the 4H timeframe are visible overhead at:$0.7873 – $0.8061$0.8401 – $0.8470These serve as profit-taking targets for any bullish breakout trades.📊 Volume Profile:Using the anchored Volume Profile:- High volume node is seen around $0.9141–$0.9889 – indicating historical resistance where price may slow down.- Low volume node (volume gap) exists in the mid-region, implying a potential fast move through this zone if the triangle breaks upward.❌ Invalidation Criteria:This bullish setup is invalidated if:- Price breaks below the ascending triangle support, followed by a loss of the swing low and demand zone below $0.7038.This would likely lead to a continuation of the prior downtrend.🧠 Conclusion:The setup currently favors bulls, provided the ascending triangle holds. A confirmed breakout above resistance opens the path toward the identified FVG zones. However, risk management is crucial around the support area as a breakdown would negate the bullish structure.Just as predicted, price rejected off the Golden pocket perfectly after it's fake out below the support line, with gamblers getting liquidated we make it out on top with the first target FVG 4hr hitting in profits. Coming in at a juicy 10% trade on the chart. Next target is second FVG 4h above, then the supply zone (swing high)Last night we faced the FIRST FVG closing in on profits. This morning we face the SECOND FVG closing in on profits as well. With price tagging the FVG zones perfectly and filling this in, this was definitely a rewarding trade. Ideally it would be best to stop here. On the high time frame price can create a lower high and might not potentially tag the supply zone. To successfully tag supply, we would need to see:- BTC price increase. - Break through and confirmation above the first FVG (showing triple bottom, bullish flags etc.)