Factom Breaking Above

Factom found a strong support at $11, that has been rejected for at least three times. After an extended range trading, and failing to go below the support, finally Factom braking above the triangle pattern, on the short, and medium timeframes.

On the 8th of November, FCT/USD broke above the small triangle, while the price went higher breaking above the larget triangle. At the same time 200 Moving average was broken, and after corrective wave down 200 MA was rejected.

Higher highs and higher lows patter seem to be established and the trend up is emerging. The upside target is seen at $60 psychological round number, to be precise it’s $58. At this price two Fibonacci levels meet, first 161.8% retracement level from Fibs applied through the all-time high. Second is the 427.2% applied to the corrective ave after the smaller triangle breakout. Only a break and close below the $10 psychological support could invalidate bullish outlook.

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