The pivot zone at 0.0000135 – which I outlined in my Bitshares technical analysis article on the 10th – is now acting as support. In the past two days, the 0.0000135 level has acted as support on two occasions. If price breaks underneath this level over the next few days, another sell-off towards the pivot zone at 0.000013 becomes very probable.

The 0.000016 level has also become a pivot zone over the past two days. This level acted as support on the 10th of March, when price initially broke above this level. During yesterday’s sell-off, 0.000016 turned into resistance, preventing price from trading higher on two occasions.

The 30-minute chart shows that price is now being squeezed into a tighter trading range. A triangle formation is clearly visible, which shows that another big move may be imminent. Keep in mind that the downside break of the triangle formation on the 13th, preceded the big plunge on the 14th.

Disclaimer:  This is not trading/investment advice!

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

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