While the BitShares exchange rate has recovered somewhat this week, the pivot zone at 0.0000085 is still being respected by the market. Including today, the 0.0000085 price level has acted as support a total of three times during the month of April, and once as resistance on the 26th. If the market doesn’t slip under 0.0000085 today, we could see a rally back up to 0.0000092.
The 0.0000092 level started acting as resistance for the first time on the 25th, after the big sell-off that occurred on the 24th. When the market came back to this level again on the 28th, price reversed abruptly as soon as it touched 0.0000092. So far, 0.0000092 has acted as resistance a total of three times this month, so it’s quite clear that market participants are aware of this area by now. Mark this one on your charts!
BitShares is still in a bear market and this week’s price action may only be a temporary respite before the next wave of selling starts. Unless price can make it above the triple-resistance area at 0.0000092, the bearish sentiment will remain prevalent among traders.
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.
The tokenized equities sector is accelerating rapidly, and xStocks has now crossed a defining milestone:…
Coinbase-incubated Layer 2 network Base is entering a new phase of its development, moving toward…
Zora has officially launched its new “attention market” on the Solana blockchain, marking a bold…
The XRP Ledger has introduced a new on-chain trading framework that signals a notable shift…
A new milestone in the evolution of crypto investment products is set to unfold as…
A major milestone is unfolding in the blockchain economy as Polygon records a historic “flippening”…