Once the Factom exchange rate slipped underneath the 0.00316 pivot level – which I wrote about in my last Factom article – price tumbled all the way down to the massive pivot zone at 0.0021, where the market finally found support. Why 0.0021? Well, the 0.0021 level has an extensive history that goes back to January 15, 2106, when this area first started acting as support. Since the 15th, 0.0021 has acted as support a total of six times, including yesterday’s bounce.
While price has recovered a bit since yesterday, the market wasn’t able to stay above 0.00255, today. This level acted as support about five times between the 10th and 12th, and it’s clear that this area is now acting as resistance. As soon as the market touched this level today, high-volume selling took place. It’s obvious that market participants are well aware of this area and its technical significance.
Price is essentially stuck now between 0.0021 and 0.00255. A break of either of these levels will determine which way price will head in the near future. Mark both of these pivots on your charts!
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_fct
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