Today I am going to change my usual update on the major Cryptos since the situation on all of them are more or less steady state right now, despite IMO I am confident in the sense we have touched already the “Ground” of this Bear Market.
I would like to talk about a veteran crypto among the first 100 of the Total Market Cap which is presenting a very positive scenario and on which I have bought this morning a bunch of them since I see a lot of potential for growing up.
The crypto is FACTOM (known formerly as FACTOIDS) and besides its incredible develop and business-case started on 2015, which you can read it here , I would like to show you what I consider a good trading opportunity due to the setup that this crypto is currently showing…
Contrarily to the situation of many of the major cryptos except LTC , BNB and EOS, FACTOM [FCT] seems that touched already the bottom at the preiod between August and November last year. In particular, FCT did a triple bottom which ensures the good and consolidated support around 4 USD.
It did a first tentative of “GOLDEN CROSS” by early December and it is right now moving inside an incipient Falling wedge with what it seems to be a clear change of trend upwards…
The upper Trendline in orange represents the resistance to cross and, if FCT manages to break that line now it would be very likely a full confirmation of 2nd Wave completed and so the start of a 3rd longer wave up.
I have traced the 1st and the 2nd waves on the chart and using FIBONACCI’ s levels to identify targets…
FCT price is currently at 6.4 USD…
What if I tell you that the “usual” target level for the 3rd wave is placed around 34 USD?
How I reach that target? Taking as a reference the height of the 1st wave and selecting 1.618 times that length upwards from the bottom of the 2nd wave…
Personally, at that level I will sell some of my FCT stake and I will reserve some for future waves or higher FIBO levels…
Enjoy!
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