Categories: Coins

Factom Technical Analysis for 01/15/2016 – Important Support/Resistance Levels

Factom hit an all-time high of 0.00302171 on January 13, but price has been sliding lower for the past two days. Is the bull market over? Impossible to tell at this point, but price did close under the big pivot zone at 0.0025. This area has played a major role since January 12, when it first acted as resistance. This level also supported the market on the 13th and 14th. This area is now acting as resistance once again, and if the market doesn’t break above 0.0025, further selling might take place.

During today’s big sell-off, the 0.0022 level acted as support. This area also served as support on the 12th of January. I would recommend to mark this price level on your charts, because the market seems to be very fond of this area. Price is now sandwiched between support at 0.0022, and resistance at 0.0025, so watch for a break of either of these areas.

The 0.00155 level is of great technical significance. Price had a hard time getting over this level at the start of the year, and this area turned into support once the market broke above it on January 9. If there is a large sell-off in the future, the 0.00155 level is very likely to act as support again.

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Disclaimer:  This is not trading/investment advice!

Chart source: https://poloniex.com/exchange#btc_fct

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Traderman

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