$FCT/BTC Technical Analysis "Play to kill" #1 UPDATE
Hello Steemers!
Thought it might be time for an update on the FCT chart!
Nearly a month passed since I last posted about it (https://steemit.com/factom/@ozchartart/usdfct-btc-technical-analysis-born-to-be-wild)
Lets get a quick reminder of the daily and weekly chart.
FCT 1 day chart Poloniex + cleaned + triangle- Aug 7, 2016
FCT 1 week chart Poloniex +cleaned + triangle- Aug 7, 2016
And lets see what the same charts look like today, without any changes made
FCT 1 day chart Poloniex - Aug 31, 2016
FCT 1 week chart Poloniex - Aug 31, 2016
As you can see the price broke the yellow triangle (with it also the first fib line) and the first resistance line (red dashed line), breaking as well through the second resistance line and spiking through the 2nd fib line.
After this aggressive rise the price went down to the 2nd resistance line, now making it a new solid support line.
After a few days of accumulation around the support line, the price started going up again breaking the next support and fib level making the resistance line, once again a support line.
Last to follow is the recent breaking of the last red resistance line and the pull back down to it.
Now it is to see if it holds and goes for an attack onto the all time high, or dumps back down after these hard rise in order of bit more accumulation.
The volume was quite high since the uptrend started, the greatest FTC has had so far, that should indicate some strong hands behind this uptrend.
COMMENT
Once again, I will post the comment by commenting as it involves my personal opinion!
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?
Please post the links to your TA's posts into the comments as well!
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
This is a quite hard and aggressive uptrend imho, but for a reason, FCT has good tech and great promotion behind it! For the coming day's I'd expect some pullback and then probably an attack onto the all time high, with what at the moment looks like a high probability of breaking it and making new all time highs. The volume is quite big and steady, thus I don't see a real weakness on the charts.
On the other hand since the price went up so quickly there is always a chance of a equally hard dump, so everyone should keep that in mind and have their triggers ready.
Agreed.
Thanks for your analysis here, Oz.
I agree with your assessment, both at the technical and fundamental level. I think that it's one of the more promising alt-coins out there.
Pavlovian training at its finest. Now, when I open your posts, I scroll to the bottom to start the "reading music"
It is setting up to be an interesting fall this year with many of these assets breaking out. Let's see if the momentum can keep up.
Yes so much good action on Polo right now.
I'll keep saying it - FCT has been one of the most solid investments I've made in crypto and I think it is just getting started.
cool
I like your work and you know it.
In the future I can leave a silent vote without reply, but if you want to see my reply there - let me know.
The market cap is just above $28 million. The question is, what's Factom ultimately worth? It's looking to have the potential of much more than $30m, imo.
Wow, 2 posts at once.