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Factom (FCT/BTC and FCT7D) Technical Outlook 24 February 2017

My analysis on FCT just went from bad to worst as Factom (FCT/BTC) keep on sinking. Factom drifted further south as Bitcoin flirting with all time high. FCT/BTC plummented another -6.24% today on last traded price at 0.00235400 in Poloniex market. The price tanked to new record year low of 0.0022300. FCT/BTC is today 4th most traded asset with amount volume traded hit Ƀ670 over half day of trading, a sharp increse from yesterday total transaction of Ƀ544.73.

Factom (FCT/BTC) daily chart
Factom (FCT/BTC) daily chart. Date source:Poloniex

Important Factom (FCT/BTC) price levels to watch,


Year High – 0.00386929 on January 30 2017
Year Low – 0.0022300 on February 24 2017
The on-going big dump rewrote the new year low but it could be lowered anytime soon

Any price below the crucial medium term resistance region around 0.00364050 will hook Factom in cascade pattern or the consolidation range. But in the nearer period, the price ceilings can be predicted within the zones near between 0.00271000 and 0.00292980. In contrast, the floor price could be hard to gauage based on the degree of selling on FCT so far. But big possibility it would stalled from 0.00240080 to 0.00201050 areas before the next directional move.

On daily chart with Ichimoku Kinko Hyo idea,
✘ the Conversion Line took a big fall from Base Line.
✘ Both lines just dips below Senkou Span B line and Kumo cloud
✘ MACD move southward faster than signal line
: this implies big prospect of bearish tendency

Some Critical Price Levels for the Short Term


Crucial Support Levels


R1 : 0.00271000
R2 : 0.00292980

Crucial Support Levels


S1 : 0.00240080
S2 : 0.00215730
S3 : 0.00201050
*These price levels are plotted based on price action approach(candlesticks)

Trade Idea:


Based on technical, it is clear the shilling is in full control. But buying the trend is way too obvious at the moment. I prefer hoarding at lower price, the exact same things i said and did on ETC and LTC. Currently, if you are bargain hunting, there are still plenty of choices in near record low in the top 20 altcoin chart.

Factom Futures (FCT7D) on BitMex

Factom Futures (FCT7D) daily chart on BitMEX
Factom Futures (FCT7D) daily chart on BitMex

BitMex futures trading had been my most profitable trades for the past week. I mainly short on ZEC,LTC as well as ETC. All were closed with positive returns. On Factom Futures (FCT7D, the price is closing to another near bottom zone after 9 straight days of losses. In the nutshell, this looks like tempting of a long trade. But any extended dump and more interest moving to Bitcoin could sway the breakout.

Last Price : 0.002336 XBT*
24H Turnover : 53.1845 XBT
Open Interest : 6,014
Contract Value : 1.00 FCT

*XBT = BTC

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:: BTC Exchanges

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
Tutorials
Blockexplorer
Bitcointalk
Facebook
Github
Twitter @factomproject
Reddit r/factom



Please do your own due diligence before making any investment decision. This article should not serve as investment advice. This post is mainly as reference and tutorial for trading on possible cryptocurrency breakout.

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