Factom Value Could Double Over Bitcoin

Factom have been struggling again Bitcoin for an extended period of time. Although it found the support at btc 0.0015 and started to move higher. While going up it broke above the descending channel and the 200 Moving Average.

However, after reaching the btc 0.0033 resistance it corrected back to the btc 0.002 support, where it is currently trading. Now it is right at the bottom of the second descending channel and formed a bullish divergence, suggesting that the price could continue rising. At the same time, today FCT/BTC broke above the downtrend trendline, which should result in another wave up towards the btc 0.0038 resistance and the first upside target.

The resistance is confirmed by two Fibonacci retracement levels. First applied to the corrective wave after the descending channel breakout, second is applied through a btc 0.0075 high and is 38.% level. The only way Factom could continue the downtrend is if it breaks and closes below the btc 0.0015 support.

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