In my prior Factom technical article on the 9th of March, I said that if the exchange rate retraced back up to 0.0073, this level was very likely to turn into resistance. Later on that day, price retraced to 0.0073 and sold-off almost immediately.
Since the 9th, the 0.0063 price level has become a very important technical area. This level acted as resistance three times between the 9th & 10th. When price closed underneath it on the 10th, 0.0063 turned into resistance and has prevented the market from rallying on four occasions since then. If prices does finally break back above 0.0063 over the next few days, I would not be surprised to see another rally back up to the big pivot at 0.0073!
The massive pivot zone at 0.0052 – which I said was going to act as support in my last Factom technical analysis – propped up the market three times between the 11th & 12th. This level has acted as support a total of eight times this month! Mark this area on your charts.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_fct
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.
The abbreviation Crypto refers to digital money which uses blockchain technology to operate as a…
A fresh round of investments over the last day shows high-net-worth individuals and institutional players…
The continued growth of Bitcoin is reflected in the rise of its holders, with the…
In recent times, Ethereum has faced a lot of selling pressure, with the last three…
A prominent cryptocurrency trader is enjoying unprecedented success with high-leverage positions on the Hyperliquid platform,…
Donald Trump's World Liberty Financial (@worldlibertyfi) has once again made a significant move in the…