BitShares recovered somewhat during the first half of November, but the second half of the month marked the start of another bear market. The 0.0000095 area has now turned into a major pivot zone, acting about four times as resistance since the beginning of November.
The bear market started around November 16, and the trend line is clearly visible on the 4-hour chart. Price has fallen lower every single time it has touched this line! So it is clear that market participants are aware of this area.
The 0.0000085 price level is also of great technical significance. This pivot propped-up the market about six times in the last thirty days. Price then used this level as resistance on the 17th of December. Unless the market can close above 0.0000085 and the trend line, bearish sentiment is very likely to persist.
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.