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.
TRON ended November as the top blockchain by fees, extending its dominance in payment infrastructure…
Prediction markets just locked in another breakout month. November closed with $14.3 billion in total…
Trust Wallet is stepping into a completely new lane. The CZ-owned self-custody wallet has launched…
Kraken has announced the acquisition of Backed, the tokenization platform behind some of the fastest-growing…
Sui Pauses & AVAX Rebounds While Zero Knowledge Proof’s 200M Daily Presale Auction Goes Live,…
Europe just shut down one of crypto’s longest-running shadows. Germany and Switzerland, backed by Europol,…