On April 10, the MAIDsafe exchange rate dropped underneath a very significant pivot zone: 0.000165. When the market retraced back up to 0.000165 on the 11th, this area acted as resistance. This area has a very extensive history. The 4-hour chart shows that this area goes all the way back to the middle of February, when this level first acted as resistance. The 0.000165 zone also acted as support on two occasions during March.
Now that price has made it back above 0.000165, it is quite probable that 0.000165 will now act as support again! If that happens to be the case, the market may be getting ready to rally to the next major pivot at 0.00021.
The pivot at 0.00021 – which I wrote about in my last analysis – has a very extensive history and is very likely to present an obstacle to any rally. This area has been respected by the market on multiple occasions and many traders are well aware of it by now! So, mark this one on your charts.
While it is very “bullish” that there was enough momentum to break above 0.000165 again, the long-term trend line is still intact. Therefore, technically speaking, MAIDsafe is still not out of bear territory just yet.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_maid
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