MAIDsafe Technical Analysis for 03/18/2016 – Market Struggling to Find Direction Around Key Pivot Zone

In my previous MAIDsafe technical article, I outlined the importance of the 0.00024 pivot level and why traders needed to be mindful of it. On the 13th of March, the market broke underneath 0.00024 and this pivot started to act as resistance. This price level has become even more significant over the past week. Any future rallies will likely encounter resistance at 0.00024!

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The big pivot range between 0.000165-0.000180 – which was pointed out in another one of my articles at the beginning of March – is still being respected today.

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The 15-minute chart gives a more detailed insight into the price action surrounding the 0.00018 price level. This area was used as support yesterday, and when price closed underneath this level today, 0.00018 acted as resisted on two occasions. Then, price forced its way above 0.00018 again. If the market retraces back down to 0.00018 over the next few days, this area will probably turn into support. It’s clear that market participants are well aware of 0.00018 by now. It wouldn’t be surprising to see price rebound higher from this pivot over the next 24h.

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Disclaimer:  This is not trading/investment advice!

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

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