Factom (FCT/BTC) off-tracked my previous short term target trade setup. Fortunately, it never hit my target ask price. FCT took a tumble yesterday slashed -13% of its value. The volume on Poloniex of 604BTC was more than double from the previous session. Currently, FCT market recovered after recorded another year low price set at 0.00260000.
Important Factom (FCT/BTC) price levels to watch,
Year High – 0.00386929 on January 30 2017
Year Low – 0.00260000 on February 21 2017
Today, FCT is looking strong to hold on from further loses thanks to the presence of bulky buying volume. The Poloniex volume FCT/BTC could reach more than double from the latest date feed. Nonetheless, most altcoins would be subject to dumping as attention turning to Bitcoin. The Bear trend will be keepon going as long as the price ease below 0.00258286 which is also the possible aligned double bottom. Any dive under 0.00240510 would be invite massive dump that tank the price further.
The rising ADX could hint the starting of the trend, which could have a double meaning. The price testing the resistance upside is sign of reversal, or else price near to support could suggest a new bearish trend.
Any turnaround and close above 0.00296540 or 0.00248040 two short term resistance boundaries will mark the slowing on the selling side. But any hope of a substantial bull run is only possible if FCT able to gash the crucial resistance tier at 0.00317890.
Some Critical Price Levels for the Short Term
Crucial Support Levels
R1 : 0.00296540
R2 : 0.00305575
R3 : 0.00317890
Crucial Support Levels
S1 : 0.00258286
S2 : 0.00248040
S3 : 0.00240510
*These price levels are plotted based on price action approach(candlesticks)
Trade Idea: FCT is on the consolidating period as it is still bumping within the ranging channel that ushered from October 2016. So perhaps, any breakout ought to happen. But the inverted bowl outline doesn’t really support a bullish probability.
Factom Futures (FCT7D) on BitMex
Factom Futures (FCT7D) 4-hours chart on BitMex
Last Price : 0.003131XBT*
24H Turnover : 84.4935 XBT
Open Interest : 15,050 XBT
Expiry Date In 2 days
Contract Value : 1.00 FCT
*XBT = BTC
Factom Futures (FCT7D) on BitMEX dumped and now settled at 0.002773XBT incited by sudden Bitcoin spike. FCT7D failed further down as the support zone of 0.002960 (0.382 Fibonacci Retracement) failed to hold. The price currently locked in lower band at the crucial support zone. The support is fragile as bearish sentiment dominate the altcoin outlook for the past two days.
Factom Futures (FCT7D) daily chart on BitMex
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Factom (FCT) Info
Factom is a system for securing millions of real-time records in the blockchain with a single hash.
Businesses and governments can use Factom to simplify records management, record business processes, and address security and compliance issues.
Factom uses the blockchain to power a remarkable range of applications, including audit systems, medical records, supply chain management, voting systems, property titles, legal applications, and financial systems.
Factoids are traded on Poloniex under the ticker – “FCT”, making the whole project more approachable for novice users. The ticker “FCT” coupled with “Factom Exchange” should make it a lot easier for anyone to find the software tokens on Poloniex. It’s not necessary to know all the technical aspects regarding Factom or Factoids to reap the benefits of this platform.
Investors have been eagerly awaiting the addition of Factoids on major cryptocurrency exchanges since the conclusion of the Factom token sale. Factoids trading on crypto-exchanges are likely to generate additional interest in the Factom platform while allowing new community members to purchase some tokens for future use.
In preparation for the launch of the Factoids trading market on Poloniex, the Factom team also released the binaries and installers for the project’s software client recently. The Factom client provides a convenient manner of storing and transferring Factoids.
Will Factoids have their own blockchain?
Ultimately Factoids will be implemented on their own Chain in Factom. For the crowd sale, other options are possible.
How are Factoids created?
Two ways. Factoids will be created as a part of the crowd sale. Secondly, Factoids will be created at a fixed rate and paid to the Factom Servers and Audit Servers for their work running the system, and to pay other incentives.
Is there a separate Proof of Work or other consensus mechanism for factoids, independent of factom?
No. That said, the Factom chain and the Entry chain are managed by the Factom Servers (they are the application using these chains) so they validate them in real time. No invalid entries can be placed in these chains.
How do factoids get sent back to the protocol? Is it a kind of burn?
No. The Entry Credits are burned. Entry Credits are non transferable. They can only be used to buy entries. But when they DO buy entries, the Factoid in the protocol that was used to buy the Entry Credits is released. The amount of Factoids varies since the price of Entry Credits per Factoid varies.
The Factoid paid out is calculated by dividing the total number of Factoid in the protocol by the number of outstanding Entry Credits.
The number of Factoids in the protocol and the number of outstanding Entry Credits are all computable from the Entry Chain and the Factoid Chain.
Factom (FCT) #FCT Links
✘ Official Factom Website
✘ Twitter @factomproject
✘ Reddit r/factom