BitShares Technical Analysis for 03/15/2016 – Another Big Move Imminent?

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.

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

Core Foundation Teams Up With Z Protocol To Expand Zcash

Core Foundation has just announced a new partnership with Z Protocol, and it’s already getting…

2 days ago

Binance Wallet Moves Into Prediction Markets With PredictFun Integration

Binance Wallet is quietly stepping into one of crypto’s fastest-growing sectors, prediction markets. According to…

2 days ago

CZ And Elon Musk Weigh In On Quantum Fears As Crypto Faces Uncertain But Inevitable Shift

As concerns around quantum computing and crypto security continue to build, Changpeng Zhao is stepping…

2 days ago

Bitmine Expands Ethereum Holdings With Massive Weekly Accumulation And Strengthens Position As A Major Crypto Treasury Player

Bitmine Immersion Technologies, led by Tom Lee, is continuing to build aggressively on its Ethereum…

3 days ago

Ethereum Foundation Quietly Stakes Over $46 Million In ETH

Something interesting just played out within the Ethereum space, and it didn’t take long before…

3 days ago

Ethereum Is Still Leading The Tokenized Assets Space

It’s becoming more obvious by the day that Ethereum is not slowing down anytime soon,…

4 days ago