As I described in the previous idea, Factom generally followed the downtrend and staggered for a while before breaking out of the downtrend resistance line on high volume.
At the moment, the volume seems lower than on the previous candle and the price is being pushed down. However, there are three resistance lines on its way - the previous downtrend line, the new uptrend line that it has already surpassed and a long-term strong horizontal support line from the past.
Factom has been fairly week in the past months, so even that much support doesn't guarantee it will not go down. However, if it stays, I expect it to trend sideways for a little while.
The ADX indicator shows that buyers are very strong, and the ADX trend line is starting to rise above 20 indicating a possible start of a trend (not yet clear, though). Factom is also being overbought, as Stoch RSI suggests, which is good fuel for further price upward movement.
After that, volume and price action should give hints of its next move. That can be a good opportunity to go long.
Some news form the Factom devs can also help another spike happen. Overall, Factom has corrected it quite strongly from the June high, and now seems to be about time it went up.
Thoughts? Corrections? Let me know if you see something else on the chart that I overlooked.
At the moment, the volume seems lower than on the previous candle and the price is being pushed down. However, there are three resistance lines on its way - the previous downtrend line, the new uptrend line that it has already surpassed and a long-term strong horizontal support line from the past.
Factom has been fairly week in the past months, so even that much support doesn't guarantee it will not go down. However, if it stays, I expect it to trend sideways for a little while.
The ADX indicator shows that buyers are very strong, and the ADX trend line is starting to rise above 20 indicating a possible start of a trend (not yet clear, though). Factom is also being overbought, as Stoch RSI suggests, which is good fuel for further price upward movement.
After that, volume and price action should give hints of its next move. That can be a good opportunity to go long.
Some news form the Factom devs can also help another spike happen. Overall, Factom has corrected it quite strongly from the June high, and now seems to be about time it went up.
Thoughts? Corrections? Let me know if you see something else on the chart that I overlooked.
Comment:
I wouldn't get too optimistic, but it has just broken through the previous support line. The sideways trend may either continue or be broken in favor of an uptrend.
Comment:
Factom has broken through a strong support line from the previous lows. This might be the new low for Factom for a while.
Comment:
0.0057-0.0064 may be a good sell zone. It looks like the move is losing its momentum. You probably have a day or maximum two to take your profits.
This is just a prediction based on the chart. Don't take it as financial advice.
This is just a prediction based on the chart. Don't take it as financial advice.
