CLAMS Technical Analysis for 02/01/2016 – Pivot Zone Review

The CLAMS digital currency has been slowly grinding lower since the middle of December of 2015, but price has been respecting some price level with great frequency. For instance, the 0.0032 area acted three times as support and also twice as resistance. The 0.0032 is definitely a major pivot zone and will most likely act as resistance in the future as price is currently trading around 0.002.

CLAMS-technical-analysis-Feb1

 

The 0.0027 area is another major pivot that should be marked on every trader’s chart. This level has acted as resistance about four times since the start of December. This level will be a major obstacle to any rallies!

CLAMS-technical-analysis-Feb2
The market is now essentially stuck in a trading channel between 0.0027 and 0.002. The 0.002 level forms the bottom of this trading range. This level has supported price since the start of January on four occasions. A break of either of these levels will be a significant development from a technical perspective and will determine the trend.

CLAMS-technical-analysis-Feb1-3

 

Disclaimer:  This is not trading/investment advice!

Chart source: https://poloniex.com/exchange#btc_clam

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