Long
Long Analysis | Demand increase for FCT Factom. Target upto 8x.
Cyan lines are targets, they are 2x, 3x, 4x and 8x.
I aim to take 10% profit at every price double.
If you trade breakouts and tests, buying in at A will cover you with stop below support.
I take profit at A2 for 10% , 40% at B (20% above and below) and 50% at C with trailing stop to cover at B.
I've added to additional pieces of analysis for multiple time-frames.
Analysis
Price action broke above structure and returned to test the breakout, with price closing above the structure of the triangle and on horizontal support of 0.00456021. Due to increasing demand, mostly shown by the increase of bitcoin and stagnation of price, which creates this structure of support above the break, it can be assumed that there's a high likelihood of a continuation in trend.
Looking at the closer term, daily time-frame, the structure of long term support becomes more apparent. It's also clear to see price action support outside of the triangle, testing both breakout of pattern and price action. Patterns have higher chances of success if horizontal support and pattern support coexist.
The 4hr time-frame, over the period of 50 days, shows clear accumulation/distribution. This is evident from horizontal long term supports and price action. The black line is the BTCUSD price, it's used as an indicator to whether price is moving with or against Bitcoin. Until recently Factom moved opposite to Bitcoin in regards to a pump, FCT would always fall against BTC; when FCT moves with BTC, while at a key pattern/price action support levels, this can increase the chance of success.
I aim to take 10% profit at every price double.
If you trade breakouts and tests, buying in at A will cover you with stop below support.
I take profit at A2 for 10% , 40% at B (20% above and below) and 50% at C with trailing stop to cover at B.
I've added to additional pieces of analysis for multiple time-frames.
Analysis
Price action broke above structure and returned to test the breakout, with price closing above the structure of the triangle and on horizontal support of 0.00456021. Due to increasing demand, mostly shown by the increase of bitcoin and stagnation of price, which creates this structure of support above the break, it can be assumed that there's a high likelihood of a continuation in trend.
Looking at the closer term, daily time-frame, the structure of long term support becomes more apparent. It's also clear to see price action support outside of the triangle, testing both breakout of pattern and price action. Patterns have higher chances of success if horizontal support and pattern support coexist.
The 4hr time-frame, over the period of 50 days, shows clear accumulation/distribution. This is evident from horizontal long term supports and price action. The black line is the BTCUSD price, it's used as an indicator to whether price is moving with or against Bitcoin. Until recently Factom moved opposite to Bitcoin in regards to a pump, FCT would always fall against BTC; when FCT moves with BTC, while at a key pattern/price action support levels, this can increase the chance of success.
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