GeoffreyWLane

FACTOM - Symmetrical triangle breakout likely today

POLONIEX:FCTBTC   Factom / Bitcoin
So, we're about to hit a decision point on FCT . I would say we're more likely to break down than break up - two things going on. There's a larger H&S pattern that's playing out so far very well for FCT , which is visible on the 4 hour. Now we've got declining volume and a symmetrical triangle playing out. Also, we are in a larger bear market for cryptos (still) and FCT has already had a huge runup.

On the other hand, FCT itself has been in a serious bull trend for the last few weeks now, and symmetrical triangles tend to break upwards 70% of the time. However, this is crypto.

Don't trade until you see the breakout. Targets for shorting in red, targets for longing in green.

Trade active: Breakout, down as expected. However, we're still a good distance from the downside target, and theres no volume.

Could be a fakeout, we'll see.
Trade closed manually: Trade invalidated. This looks more like a descending wedge.
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