BitShares Technical Analysis for 04/29/2016 – Pivot at 0.0000085 Still Relevant

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

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