MaidSafe Technical Analysis for 01/18/2016 – Market Trading at Important Pivot Zone

The MaidSafe crypto-token has been trading in a directionless chop since the end of November, but today’s price spike has lifted the market into a key pivot area. MaidSafe is currently trading around 0.000049 – slightly above the big resistance area at 0.000048. This level prevented the market from rallying in the middle of November and price had not revisited this area until today. Will this level act as resistance now? I guess we’ll know by the end of the day.

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If the market retraces, the 0.000042 level will most likely now act as support. This pivot zone was quite active in the past two months, acting as resistance about three times. I would recommend to take this area into account if you are an active trader.

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The daily chart is also showing a bullish engulfing candle. This candle is still being painted, so it still hasn’t closed as a bullish engulfing bar just yet, but these formations usually precede bull markets! Something to keep in mind.

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Disclaimer:  This is not trading/investment advice!

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

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