BitShares experience a lot of volatility during Bitcoin’s meteoric rise to $500, but the market has settled down significantly since that time. The 2-hour chart is showing that a major pivot zone has formed at 0.0000095. This level acted as resistance about four times between the 5th and 9th of November. Once price broke through this level on the 10th, this area then turned into support, when price retraced back down to 0.0000095, on the 12th of November.
In my previous BitShares technical analysis article, I speculated that the 0.00001 area had turned into a pivot zone, and that it needed to be watched very closely. This pivot zone is still very much in play. The market has been grinding away above 0.00001 since the 17th of November, so this level is now acting as support again. If there is not enough buying interest to push price higher from 0.00001, a break to the downside is also possible. A bear market is very likely to start, if price plunges below 0.00001, and also 0.0000095. Both of these pivots levels should be watched for potential breaks!
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.