Since hitting a high of 185 satoshis on March 27, the market has broken through some key pivot zones in its slow descent during April. For example, the 110 satoshi level acted as support on the 2nd and 3rd of this month, but once price slipped underneath 110 satoshis on the 6th, this area started to act as resistance. Since March, the 0.00000110 has acted as resistance a total of four times. I would say this is the most important pivot zone and the price action surround this area will determine which way the market heads over the next few days!
The 90 satoshi level is another pivot zone that needs to be watched by every trader. This area acted three times as resistance last month, and this pivot zone has also propped up the market three times so far this month.
The Digibyte exchange rate is now trading in a sideways channel – stuck between 0.00000090 on the low end, and 0.00000110 on the top end. A break of either of these two levels will be a significant event from a technical standpoint.
If price breaks under the 90 satoshis support zone at some point in the near future, a sell-off down to 0.00000065 – which goes all the way back to the beginning of March – will not be out of the question.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_dgb
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