Factom Technical Analysis for 05/20/2016 – Pivot Level Overview

My previous Factom article, the one on the 13th, talked about the technical significance of the 0.0023 level and why it must hold as support, otherwise the bear market would continue. Since the 13th, the 0.023 area acted as support on multiple times and the market finally began to rally, yesterday.

Factom-technical-analysis-May20

The 0.00255 pivot area – which I have described in two prior articles (05/04/2016 & 05/13/2016) – is still influencing the market to some degree. Over the past two days, the 0.00255 area has acted as resistance/support several times. This area is still very much on the minds of market participants!

Factom-technical-analysis-May20-2

Since the beginning of May, the Factom exchange rate has stayed below 0.00275. Despite multiple attempts, there hasn’t been sufficient momentum to vault price above this iron barrier. Today, as soon as price hit 0.00275, an abrupt reversal took place. Including today’s failed attempt, the 0.00275 price level has acted as resistance a total of three times during the month May.

Factom-technical-analysis-May20-3

 

Disclaimer:  This is not trading/investment advice!

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

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