Factom Technical Analysis for 05/13/2016 – Will 0.0023 Turn Into Support?

My last Factom article – the one on the 4th of May – outlined the technical importance of the 0.00255 price level, and this area acted twice as resistance again, yesterday. Since first breaking under 0.00255, on the 3rd of May, price has been unable to get above this level so far this month.

Factom-technical-analysis-May13

On the 4th, I speculated that if price was unable to break above 0.00255 at some point – the market would likely head down to the pivot zone at 0.023. And that is what transpired between the 6th and 7th. Since the 6th, the market has used the 0.023 pivot level as resistance/support on multiple occasions. However, yesterday, the market rallied on high volume and finally broke free of the 0.023 area. Given this pivot’s extensive history, I would say that 0.023 is very likely to now act as support. Every Factom trader should keep this level in mind over the next few days!!

Factom-technical-analysis-May13-2

If 0.023 doesn’t hold as support now, the Factom bear market will definitely continue towards the May-9 lows, at 0.0217.

 

Disclaimer:  This is not trading/investment advice!

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

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