Factom / Bitcoin Support Area To Watch

While Bitcoin has been extremely strong over most altcoins, Factom suffered his part and during the past 48 hours declined from btc 0.0022, down to the current price btc 0.001. It lost over 50% to Bitcoin in a heartbeat, but this drop cannot last forever.

Currently, Factom approached the strong psychological support at btc 0.001, which is right between the 227.2% and 261.8% Fibonacci, applied to the corrective wave after the uptrend trendline breakout. Clearly, the support area is between btc 0.0009 and 0.0011. At the same time, two lower trendlines of the extended descending channels are crossing that area.

Seems like its an important price for Factom and therefore should be watched very closely. If it will be rejected, the potential trend reversal might be expected. But break below btc 0.0009 will most likely send it lower and/or extend the consolidation.

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