Hello,
Today I will analyze the Honesty record keeping coin named Factom (FCT).
Similarly to most altcoins, FCT/BTC took an important (but waited and quite due) correction after going from 220k in March to its all time high at 1465k in May (6.6x growth). Today FCT/BTC trades around 600k which represents 60% in retracement.
But with BTC coming back on its feet and with the current chart setup of STEEM, good opportunity of trading could come.
Indeed, on the chart you could see that FCT/BTC is inside a descending triangle which is a bullish pattern because it tends to break upward. Factom bounced on the bottom of this triangle several times on the last month. At this level as you can see we also have a old 0.382 Fib resistance (dashed black line) and also a newer 0.786 fib resistance (cyan line). This triangle should resolve before mid of August.
If the triangle brokes upward we may see an uptrend in order to test 675k (grey 1 fib resistance) and then 740k. If one of the triangle breaks downward FCT may go down to 500k (at the 0.618 Fib resistance). If this support doesn’t hold we may revisit 440k.
On the indicators side, the mix of OBV, ADX/DMI, RSI , Volume Zone and MacD gave a small buy signal one month ago when FCT/BTC tested the bottom of the triangle at 550k.
In conclusion, It may be a good time to buy some Factom (at the bottom of the triangle after a bounce for a more risky bet or when the triangles break for a safer buy).
Today I will analyze the Honesty record keeping coin named Factom (FCT).
Similarly to most altcoins, FCT/BTC took an important (but waited and quite due) correction after going from 220k in March to its all time high at 1465k in May (6.6x growth). Today FCT/BTC trades around 600k which represents 60% in retracement.
But with BTC coming back on its feet and with the current chart setup of STEEM, good opportunity of trading could come.
Indeed, on the chart you could see that FCT/BTC is inside a descending triangle which is a bullish pattern because it tends to break upward. Factom bounced on the bottom of this triangle several times on the last month. At this level as you can see we also have a old 0.382 Fib resistance (dashed black line) and also a newer 0.786 fib resistance (cyan line). This triangle should resolve before mid of August.
If the triangle brokes upward we may see an uptrend in order to test 675k (grey 1 fib resistance) and then 740k. If one of the triangle breaks downward FCT may go down to 500k (at the 0.618 Fib resistance). If this support doesn’t hold we may revisit 440k.
On the indicators side, the mix of OBV, ADX/DMI, RSI , Volume Zone and MacD gave a small buy signal one month ago when FCT/BTC tested the bottom of the triangle at 550k.
In conclusion, It may be a good time to buy some Factom (at the bottom of the triangle after a bounce for a more risky bet or when the triangles break for a safer buy).
Comment:
FCT is on support. We will soon see if it hold or not.
Comment:
Support broken, we may go to 440k.