Categories: Market Analysis

Factom Technical Analysis for 02/17/2016 – Price is Stuck Between Pivot Zones

As I pointed out in my last Factom technical analysis article – the 0.0025 area is of great technical significance. This level has supported the market a total of six times since the beginning of February. Price is currently trading right above this level, so the next few days will be very telling about the future direction of Factom.

The 0.0028 price level has also established itself as a key pivot zone this month. Since the beginning of February, this level has acted as resistance a total of six times. Between the 10th and 12th, 0.0028 provided support to the market about four times. Factom’s exchange rate is now essentially stuck between support at 0.0025, and resistance at 0.0028. Eventually one of these levels will be broken and the reaction will be furious.

There aren’t any obvious technical signs right now as to which way the market will break, but the 4-hour chart is showing a Head & Shoulders pattern, which is suggestive of a break to the downside. If the support at 0.0025 gives way and there is a sell-off, the next major pivot area can be found 0.002. This level hasn’t been touched since the market bounced off this area on the 2nd of February, so 0.002 will likely act as support now.

Related Post

 

 

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.

Share
Published by
Traderman

Recent Posts

Keep Network Price Up 45% Amid Upcoming Threshold Merger

Keep Network price is up over 45% today, making it the biggest gainer on Crypto.com.…

13 hours ago

Nugenesis Patented Gasless NFT Platform Will Bring Mainstream Adoption

NuGenesis has 4 patents pending for its gasless NFT multi-cross chain system. It sees NFTs…

18 hours ago

Top 5 Metaverse Coins With Fully Functional Apps to Watch In 2022

The hottest trends in crypto right now are meme coins and metaverse projects. With Facebook's…

19 hours ago

How to Identify and Report Cryptocurrency Scams

With crypto going mainstream, there are a lot of scams popping out. While buying certain…

21 hours ago

Top 5 Meme Coins to Watch for Short Term Profit

With all the meme coins coming out, if you're looking to make short term profit…

2 days ago

Helium Price Up 11%, Is HNT Ready for a Breakout?

Helium price is up 11.81% today, making it the third biggest gainer on Crypto.com, following…

2 days ago

This website uses cookies.