Categories: CoinsMarket Analysis

Gridcoin Technical Analysis for 12/09/2015 – Price Breaks Bellow Major Pivot Zone

Gridcoin was trading above 0.000032 since the middle of November, but this massive support was taken out yesterday. The 0.000032 area acted as support about five times since November 20. GRC is now trading at 0.000028, so there is a very good chance that 0.000032 may now turn into resistance again. The market had a hard time trading above 0.000032 in the first half of November, and I think it will be an even bigger challenge for price to break above 0.000032 again.

The buy side of the order book seems a little more beefy now with about 25 BTC in orders. When I wrote my last Gridcoin analysis article at the end of last month, price was trading above 0.000032 and the buy side had about 14.7 BTC in orders, so definitely an improvement there. Although there is a vacuum between 0.000023-0.000026, there are plenty or large orders between 0.000021-0.000022, which will most likely put the breaks on any additional selling.

 

 

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Disclaimer:  This is not trading/investment advice! Traderman is an investor in Gridcoin.

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

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