BitShares Technical Analysis for 04/10/2016 – Price Breaks Underneath Massive Pivot Zone

The massive support zone at 0.000013 finally gave way today. This pivot zone has been in play since the beginning of February, 2016, when this level first started to act as resistance. Once the exchange rate got above 0.000013 on the 10th of March, the market started to respect this area as support. The 0.000013 pivot zone has acted as support about four times since the middle of March. Given that price is now trading well below this extremely important pivot area, I would assume that 0.000013 will now act as resistance.

Today’s events may very well set the stage for another bear market!

 

If BitShares continues to drop over the next few days, the 0.000011 pivot area may come into play. This level goes back to the beginning of March, when this area was utilized as support/resistance, so it does have technical significance.

While the higher time frame charts don’t show this level very well, the 2-hour chart shows that 0.0000138 has become a significant pivot zone over the past 20 days. Since the 23rd of March, this level propped up the market about six times. The 0.0000138 level turned into resistance once price slipped underneath it on April 8.

Related Post

It’s not looking too good for the bulls right now. Even if price does make it above the massive pivot at 0.000013 over the next few days, the 0.0000138 area is also very likely to act as resistance!

 

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

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

10 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

11 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

11 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

12 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

15 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

16 hours ago