The price of CLAMS managed to break above one of the most important technical levels today- 0.0025. In my previous CLAMS article from three days ago, I speculated that a break above this pivot would most likely trigger a bull market, and with today’s decisive break, that hypothesis is looking even more probable. Price has now retraced and 0.0025 could now turn into support. If that takes place, then another rally is very likely to follow. The big question is: how much higher can the market go from here?
Looking at the 4-chart from September and October, it seems that the next big pivot area is located squarely at 0.0045. This level held up price on five different occasion during those two months. This level then turned into resistance during the second half of October. CLAMS has not traded anywhere near 0.0045 since that time, so it seems obvious that this pivot zone is probably going to act as resistance now.
The big surprise right now would be a plunge down to 0.0025. If the market trades lower – 0.002 for example – then 0.0025 is probably going to turn back into resistance and such an event will signal a trend change.
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_clam
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