The coin of the FTX exchange indicated a potentially promising structure for growth.
From December 17, you can see an impulse that resembles a leading diagonal, which in turn can be, like wave A in the correctional structure of the ABC (this scenario is marked in red), but also this leading diagonal can only be wave "one" in a more significant impulse of five waves (this scenario is marked in black)
Also worth noting is the significant supply or resistance zone, which is around $ 50 (marked grey).
In the case of a positive scenario, the price will hold above this area, in the case of the scenario marked in red, the price will not be able to hold above this area.
If the price holds below the local minimum of $ 36 (marked with a red tick), both of these scenarios will be irrelevant in the form in which they are indicated at the moment.
If you are negative about FTT then you can try to look for short positions in the area marked with gray.
If you are positive, you can try to pick up an upward movement within the C wave or an even more significant higher-order impulse.