Factom - ENTRY on breakout or retest of trendline - FCTBTC
Hi,
We have a pretty good probability that this trend wants to continue. i really don't like these messy trends but considering how far we went up in the last uptrend on FCT it's worth trying to get in.
Entry:
the first thing i'm going to do is put in a buy order at the level shown on the chart. But I'm hoping that we will get a retest of the blue trendline (shown by the green arrows) and get in there on a bounce, as this will give a better chance of our stop not getting hit (if it's under the blue trendline).
Initial stop:
this will be under the lowest of the current range (shown in the chart)
Exit:
I'll be moving a stop up under the swing lows of the daily, and on the 4 hour if the price suddenly shoots up.
What analysis I'm doing:
- The first thing that caught my eye is that, the current section (within the right-hand yellow box) is a carbon copy of the beginning of the last up trend (in the left yellow box)
- The mas are both green, have crossed over, and the price is holding above them (more or less)
- The drop in volume is a bit worrying, but I'd take analysis on the candles over that.
- Each swing low is higher than the last and seems to be holding as a new support level.
- the price is breaking up through the swing highs
It's also worth considering that we are probably in a triangle on the larger timeframe (shown in the image below), meaning we may not have far for this trend to go before we hit the top of the triangle and move back down:
Good luck with FCT guys!
Mark
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