Crypto Of The Day: Factom

in #factom8 years ago (edited)

Factom is just trying to break the trend line drawn from the September 12 peak.

(Chart courtesy of Tradingview.com)
In Elliott Wave terms, I believe Factom has completed one cycle from the June low. The five wave advance started on June 17, and finished on August 29. The abc correction ended on October 1.

(Chart courtesy of Tradingview.com)
Zooming out in the daily chart, Factom is most likely in the wave three (sub-wave three). The wave one started in December 2015, and finished in March 2016. The wave two correction ended in June. If this wave count is correct, we should be heading towards the August peak next.

(Chart courtesy of Tradingview.com)
Disclosure: I am/we are long Factom.

If you think this analysis is correct, upvote this post and upvote the comment "Factom will takeout the September 12 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Factom will drop below the October 1 low".
You can upvote the comment until 3 PM EST October 14 and you can upvote only one comment. 100% of Steem from this post (0.028 STEEM ) will be distributed equally to the winners. The winners will be determined by the price action (which one happens first).

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Factom will takeout the September 12 peak (2 voters as of 3 PM EST October 14: bleujay, yefet).

but not so fast :)

What is your target date?

no particular date :)

I'm using Ichimoku, which says FCT has to break some mid-term resistance levels (the nearest one is around 0.0044) to go further.

So, speaking about the target date, takeout the September 12th peak can take about 2 - 3 weeks, but I would wait for the definite breakout signals from Ichimoku on the daily charts.

The current long-term support is about 0.0039, so the week of trading below it would mean the continuation of the downtrend.

postimage
I see what you are looking at. In the daily chart we have the ichimoku cloud starting at 0.0044.

Factom will drop below the October 1 low. (0 voters as of 3 PM EST October 14)

We did drop below the October 1 low.

Factom will takeout the September 12 peak

Please vote the first comment.