The 0.0052 pivot zone – which I described in my last Factom article – turned into resistance on the 15th, when price broke underneath 0.0052 for the first time since the 6th of March. Since the 15th, the market has continued to slide lower.
Factom entered a bear market on the 9th of March, when price hit an all-time high of 0.008692. The trend line is now firmly in place! The current bear market will break only when price makes it above that trend line & also above the pivot at 0.0052.
In the past week, price has broken through most major pivot zones. The only other pivot zone that hasn’t been broken yet can be found at 0.0033. The daily chart shows that this price level has been used as resistance about four times since January 26. The market hasn’t traded anywhere near this area since the big break-out on March 5. If Factom trades down to 0.0033 over the next few days, this area is very likely to act support!
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_fct
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.