BitShares Technical Analysis for 01/13/2016 – Market Trading at Critical Pivot Level

BitShares started to downtrend about the middle of November of 2015, and it seems that price has managed to sneak slightly above that bear trend line in the last two days. The trend line looks broken, but the break doesn’t appear very convincing, so it may be a good idea to wait until tomorrow to see if price continues to trade higher and the break is confirmed.

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There is also another reason to be cautious: the pivot zone at 0.000075. This level propped up the market quite a few times in December, therefore, this area has the potential to now act as resistance and may put the brakes on any potential rallies.

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BitShares is now trading at a very critical juncture and it is evident that market pressure is building up. The 2-hour chart shows an ascending triangle formation, which confirms this fact! These types of formations have the habit of resolving themselves in a violent manner, so the price action over the next few days could get very exciting.

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Disclaimer:  This is not trading/investment advice!

Chart source: https://poloniex.com/exchange#btc_bts

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