Updated
FACTOM - Symmetrical triangle breakout likely today
So, we're about to hit a decision point on FCT. I would say we're more likely to break down than break up - two things going on. There's a larger H&S pattern that's playing out so far very well for FCT, which is visible on the 4 hour. Now we've got declining volume and a symmetrical triangle playing out. Also, we are in a larger bear market for cryptos (still) and FCT has already had a huge runup.
On the other hand, FCT itself has been in a serious bull trend for the last few weeks now, and symmetrical triangles tend to break upwards 70% of the time. However, this is crypto.
Don't trade until you see the breakout. Targets for shorting in red, targets for longing in green.
On the other hand, FCT itself has been in a serious bull trend for the last few weeks now, and symmetrical triangles tend to break upwards 70% of the time. However, this is crypto.
Don't trade until you see the breakout. Targets for shorting in red, targets for longing in green.
Trade active
Breakout, down as expected. However, we're still a good distance from the downside target, and theres no volume.Could be a fakeout, we'll see.
Trade closed manually
Trade invalidated. This looks more like a descending wedge.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.