The massive support zone at 0.000013 finally gave way today. This pivot zone has been in play since the beginning of February, 2016, when this level first started to act as resistance. Once the exchange rate got above 0.000013 on the 10th of March, the market started to respect this area as support. The 0.000013 pivot zone has acted as support about four times since the middle of March. Given that price is now trading well below this extremely important pivot area, I would assume that 0.000013 will now act as resistance.
Today’s events may very well set the stage for another bear market!
If BitShares continues to drop over the next few days, the 0.000011 pivot area may come into play. This level goes back to the beginning of March, when this area was utilized as support/resistance, so it does have technical significance.
While the higher time frame charts don’t show this level very well, the 2-hour chart shows that 0.0000138 has become a significant pivot zone over the past 20 days. Since the 23rd of March, this level propped up the market about six times. The 0.0000138 level turned into resistance once price slipped underneath it on April 8.
It’s not looking too good for the bulls right now. Even if price does make it above the massive pivot at 0.000013 over the next few days, the 0.0000138 area is also very likely to act as resistance!
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_bts
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