BitShares Technical Analysis for 03/10/2016 – Price Breaks Above Important Pivot Zone

Yesterday’s announcement concerning the addition of Bitshares to Microsoft’s Azure Blockchain-as-a-Service platform, propelled the BitShares exchange rate to a high of 0.00001747. Over the past two days, the market has broken above a very important pivot zone. The 0.000013 area goes all the way back to October of last year, when 0.000013 was first used as support. Price was unable to break and stay above 0.000013 since November of 2015, when the exchange rate plunged under 0.000013 for the first time. Since then, the 0.000013 level acted as resistance three times. Today, price finally managed to break above this massive pivot zone! The 0.000013 area in all likelihood will now act as support, assuming there is a retracement down to 0.000013 at some point in the future.

The 0.0000135 price level has become an important technical level in the past several days; once as resistance on March 6; twice as support today.

 

The big question now is: will the market continue to rally from here?

Related Post

There are some signs that the bull market may be getting overextended. The MACD indicator is showing divergence, which is indicative of waning bullish momentum. Divergence doesn’t always signal a market top, but it does show potential weakness in the market.

 

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

FTX/Alameda Continues Monthly $SOL Redemption and Distribution, Moving Millions to Major Exchanges

FTX and Alameda Research, two of the most significant players in the cryptocurrency ecosystem, have…

2 days ago

Giant Whale Accumulates $WIF Tokens, Racking Up Profits as Market Moves Favorably

A significant player in the cryptocurrency market has stirred things up by gathering a large…

2 days ago

$LAYER Continues to Thrive Despite Market Volatility, Team’s Innovation Drives Growth

In a cryptocurrency market often marked by wild swings and uncertainty, $LAYER stands as a…

2 days ago

Ethereum Sees Surge in Activity Amidst Growing Resistance and ETF Outflows

One of the top cryptocurrencies in the market, Ethereum ($ETH), has seen a huge rise…

2 days ago

Bitcoin’s Market Dominance Faces Challenges as On-Chain Activity Shifts Towards Ethereum

Bitcoin (BTC) has long held a dominant position in the cryptocurrency market for years. However,…

2 days ago

Smart Money Wallets Show Growing Interest in AI, DeFi, and Meme Tokens: A Look at Recent Accumulations

In the cryptocurrency world that is changing rapidly, the term "smart money" is often linked…

2 days ago