MAIDsafe Technical Analysis for 03/02/2016 – Price Stuck in Range

Since the big sell-off that took place on the 28th of February, MAIDsafe has been trading in a range-bound fashion. The big pivot region between 0.00021 & 0.000215 – which I examined in my last MAIDsafe article – has become even more important today. This area has been used as resistance by the market about four times in the past week. If price breaks above this level, another rally towards 0.00025 is very likely.

The bottom end of the current trading range also forms another important technical area. While the market briefly traded below 0.000185 yesterday, price has not been able to say below this price level for any significant length of time. When I wrote my last technical article on February 29, the 0.000185 area had been used as support about three times. However, since that article, 0.000185 has been used as support two more times, which brings the total count to five!

When the 2-hour chart is zoomed-out, the importance of another pivot level is revealed. The market had a hard time getting above 0.000165 in the second half of February. Since price broke above 0.000165 on the 26th, this level has served as support on three occasions. Mark this area on your charts!

Disclaimer:  This is not trading/investment advice!

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

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