Factom: Breakout Imminent
Nouvive and the market as a whole have been keenly following Factom that continues to make strides.
What does the chart say?
- Factom is currently in a bull flag, a breakout would see a 6.45% gain over the next several hours.
- Accumulation has slightly decreased as individuals have taken profit, it appears that the OBV will bounce off the trendline as more individuals enter the trade.
- Market sentiment has been increasing hour on hour, especially over the past several hours.
- 15 Moving Average is currently being used as a resistance.
- Volume has been decreasing over the past 3 hours, providing the indication we may see a large volatile move incoming.
- RSI stochastic indicates that there is more momentum to go.
- A breakout to $10.17, would see a pull back to $9.50 according to Wykoff’s theory before another pump to $10.89 over the next two weeks.
- As a result of the positive correlation of the market with Factom acting as a 0.74 positively correlated to Bitcoin, a fake bullish pattern, could see Factom fall to $8.83.
Nouvive Says: Factom is more than likely in the process of breaking out to the upside.
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