Factom/BTC has built a nice triangle formation (Red lines A and B). Watching for a significant and sustained breakout above Line A. We recently broke through the 50% fibonacci retracement and trend line 3. We may consolidate a bit on line A before testing resistance at the 35% retracement and then support line 2. Building support on support line 2 and testing 23% will represent a strong breakout from the red triangle, indicating higher highs.
Check out the red X marked on the MACD and RSI indicators at the bottom. When the blue line has a strong upward divergence we see a prolonged price move upward. Concurrently, the purple RSI line is is breaching above 70. Both of these indicators occured just as the price shot upward away from the 100 day moving average (pink line) We see all of these happening to Y right now.
If bitcoin continues to consolidate we could see support built above line 2.
If bitcoin breakouts out we could see the price head back into the triangle
Check out the red X marked on the MACD and RSI indicators at the bottom. When the blue line has a strong upward divergence we see a prolonged price move upward. Concurrently, the purple RSI line is is breaching above 70. Both of these indicators occured just as the price shot upward away from the 100 day moving average (pink line) We see all of these happening to Y right now.
If bitcoin continues to consolidate we could see support built above line 2.
If bitcoin breakouts out we could see the price head back into the triangle