Factom Technical Analysis for 05/04/2016 – Plenty of Pivot Zones on the Charts

The pivot zone at 0.00255 is continuing to influence the price action on the Factom charts. Since my last article – where I first outlined this pivot zone for the first time – the 0.00255 area has acted as resistance an additional four times, and also twice as support.

Yesterday, price slipped underneath 0.00255, and today, this area has prevented the market from trading higher on two occasions. If 0.00255 continues to hold as resistance, a sell-off down to 0.0023 will be very likely in the next few days.

Why 0.0023?

Since the 26ht of April, the 0.0023 has become an important technical level; twice as resistance on the 26th; three times as support between the 26th & 29th.

During the most recent rally that pushed price briefly above 0.00255 – the one on the 1st of May – the market started to struggled once it hit 0.00275. This level propped up the market twice during the second half of April and this pivot zone is now acting as resistance. Even if price makes it above 0.00255 over the next few days, the 0.00275 area is very likely to act as a barrier.

Disclaimer:  This is not trading/investment advice!

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

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