Categories: CoinsMarket Analysis

BitShares Technical Analysis for 01/28/2016 – MACD Divergence on the Chart

BitShares hit a high of 0.00001101 on the 26th, and today the market hit another new high of 0.00001175. While on the lower time frame charts it’s not visible, the 4-hour chart shows a good amount of divergence on the MACD (Moving Average Convergence Divergence) indicator. There is also a fairly large Pin candlestick that indicates a lack of buyers above 0.000011. Price spiked very rapidly above 0.000011 and immediately dropped back down with even greater force. The divergence and the Pin candle together are signaling that the market may be getting ready to sell-off.

However, there is a fairly significant pivot zone at 0.0000095. This level acted as resistance/support several times over the past two days, and since price is currently trading above this area, this pivot may still support the market and prevent any large price drops.


If price makes its way under 0.0000095, I would expect a sell-off towards the next pivot zone at 0.0000085. This level acted as support about three times on the 26th of January, so I would expect this area to be respected by the market. The 30-minute chart also shows a Head & Shoulders formation. Another bearish sign!

Related Post

 

 

Disclaimer:  This is not trading/investment advice!

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

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

1 hour ago

Top 5 Best Crypto Presales to Grab Now: Don’t Miss These December Week 1 Gems

The crypto market is a buzz with promising presales as 2024 draws the curtains. With…

1 hour ago

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

10 hours ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

10 hours ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

10 hours ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

10 hours ago