Factom (FCT/BTC and FCT7D) Technical Outlook 07 March 2017
Important Factom (FCT/BTC) price levels to watch,
Year High – 0.00386929 on January 30 2017
Year Low – 0.0022300 on February 24 2017
Pivot Price Points
Crucial Support Levels
R1 : 0.00285760
R2 : 0.00336320
R3 : 0.0038300
Crucial Support Levels
S1 : 0.00222270
S2 : 0.00190390
S3 : 0.00138010
*These price levels are plotted based on price action approach(candlesticks) and Fibonacci Retracement Levels
On daily chart with Ichimoku Kinko Hyo idea,
✘ the Conversion Line is still below Base Line but the gap is tightening.
✘ Both lines are located Senkou Span B line and Kumo cloud
✘ MACD and signal line flatten, with the former crossing up indicating reversal in progress.
: The bearish momentum is losing steam.
Trading Idea : Short
At 0.786 Fibonacci level, the Factom (FCT/BTC) looks good to recover but the major resistance level at 0.5 Fibonacci level will be a mjor tumbling block to further advancement. But the long term outlook is quite bullish if you set the target in the longer period.
But remember set take profit and cut lose ratio to 3:1.
Factom Futures (FCT7D) on BitMex
Factom Futures (FCT7D) daily chart on BitMex
Last Price : 0.002659 XBT*
24H Turnover : 17.5265 XBT
Open Interest : 8,716
Total Volume : 3,467,925
Contract Value : 1.00 FCT
*XBT = BTC
The total volume of FCT7D contact on BitMex is thinning. Is is hardly surprise as most volume are locked up from the previous selling off. But the downturn is mild and this gives opportunity to get in long position anticipating a pump. The Factom futures had been on the up for the straight 5 days, and it is gained 5% from 24 hours trading. However, the spike could be a technical bounce. The market will need significant buying volume to drives the price upward to another tier of key resistance level.
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Chart via tradingview, data source from Poloniex and BitMEX.
The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.