$FCT/BTC Technical Analysis "Uncharted territory"
Hello Steemers!
Was looking through charts today and $FCT kinda kept poking my eye ;)
Factom is one of the projects with some "bigger" plans, as well sort for crypto adoption so i think its a good idea to bring it's chart up once a while.
Legend
Red dashed line - previous support, acting as new resistance
Light blue dashed line - previous resistance new support
Yellow line - triangle border
White line - possible scenario
WEEKLY AND DAILY CHARTS
Charted only on the daily and weekly, would honestly like some more history before i do monthly.
I do like having something to chart, not only a few candles.
FCT 1 day chart Poloniex + previous highs and lows marked- Aug 7, 2016
FCT 1 week chart Poloniex + previous highs and lows marked- Aug 7, 2016
Marking highs and lows for start, huge mess but u can clearly see how lows become highs and other way around, the price seems to be following the lines like steps.
FCT 1 day chart Poloniex + previous highs and lows marked + fibs - Aug 7, 2016
FCT 1 week chart Poloniex + previous highs and lows marked- Aug 7, 2016
Fib to help me see which lines could be important and clean the mess that I made there.
FCT 1 day chart Poloniex + cleaned + triangle- Aug 7, 2016
After cleaning the daily chart up a bit there are some clear support resistances we can count on, the blue lines.
At the moment we are at a major resistance level, which is also a top of a triangle border.
After the triangle border the first major resistance level should be ~0.0032, after which comes another around ~0.0035 before entering the fin line zone.
FCT 1 week chart Poloniex +cleaned + triangle- Aug 7, 2016
On the weekly cleaned charts we have the major triangle resistance line and just the ~0.0032 line which serems to be important in this time frame before hitting the fib zone (~0.0038-~0.004).
DAILY SCENARIOS
bullish scenario - daily
DASH 1 day chart Poloniex +daily bullish scenario - Aug 7, 2016
After trying to break the top triangle border one more time, the price gets fueled on a short dump and breaks the triangle border hitting the first major resistance level and pulling back down to the triangle line acting as a new solid support.
bearish scenario - daily
DASH 1 day chart Poloniex +daily bearish scenario - Aug 7, 2016
After trying to break the top triangle border 2 more times the price gets smashed down breaking the bottom triangle border and hitting the ~0.0023 level, those breaking this trend and entering further accumulation.
WEEKLY SCENARIOS
bullish scenario - weekly
DASH 1 week chart Poloniex +weekly bullish scenario - Aug 7, 2016
Price breaks the top triangle border hitting the first resistance line, pulling back to the triangle border acting as new solid support and bouncing back up towards the 1st fib zone.
"bearish" sceanrio - weekly
DASH 1 week chart Poloniex +weekly bearish scenario - Aug 7, 2016
Price tries to break top triangle border but get knocked down to the first tested resistance line and enters accumulation zone.
COMMENT
Once again, I will post the comment by commenting as it involves my personal opinion on the coin!
Thank you for understanding!
If anyone has any questions or need's help fell free to ask, I will try to explain as fast and as best as I can.
Critics, comments, reply's, counters, advice's, etc. are always welcome!
Have my charts helped you in any way?Let me know with a comment below :)
Are there more people who are doing TA?
DISCLAIMER
I am showing multiple scenarios on the price movement, in the post itself I do not take any stance, either bullish or bearish. I am not responsible for neither you’re winning nor you're losses upon trading! the "comment" section is my personal opinion and does not mean I have to or do hold any positions in the given market.
Kind Regards, OZ :)
COMMENT
Factom is overall a great project, it is aiming high and with right so.
It has huge potential with a very good team behind it, which has not only proven that they are capable to
deliver technology but also work out game changing deals like Blockchain Land Title Project 'Stalls' in Honduras.
Thus I have a very optimistic look about the whole project.
The price had an insane pump not so long ago, and for that reason I don't think we are in for another quite yet, I expect some further accumulation in this area. like on the weekly "bearish" scenario ( hence the "").
@ozchartart Nice analysis. I have been trading factom since the beginning and I dig the factom project. It's actually one of the few cryptocurrencies that I believe in. Right now price is currently hitting resistance at the 0.0028 mark at the 0.00236 fib retracement.
http://imgur.com/2Pe3Jm3
true!, I also like the project and the way they are moving it! the market has been really nice aswell! nice chart ! keep them posts coming;)
@ozchartart I agree, and it's nice to talk to a fellow trader here. Seems like there are a few of us here on steemit which is cool.
Now, I am using steemit as my trade journal which is rad. Writing in my journal, and having my trade in the open where everyone can see it makes me think more about my trade. Also, I am more consistent in writing in my steemit trade journal whereas before I was lazy and would only write in my journal once in a while.
I look forward to more of your charts and hopefully we can build a solid community of traders here on steemit! Thanks for the chat.
Nice analysis and sharing @ozhartart
thanks alot!
I think an excellent example of Factom's ability to manage and store large volumes of data is their work with Project Gutenberg: 28,000 books on the blockchain with only four hashes.
If they can manage that, then business should benefit greatly from their efforts.
agreed, I hope they will land some good deals in the coming time :)
FTC nice coin
a really accurate technical analysis today / one day after your analysis fct price is bullish really strong
Great analysis ! It seems like your bullish scenario just happened :) !
Very interesting. I'm new to this whole "crypto" world but found this post worth the read. I'll definitely check out more info. about this. Thanks for positng.
Nice work thx
i think that this Technical analysis is complicated for crypt coins. Because there to low volume as liquidity. But, i need to keep our eyes in techniques to make goods decisions