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!
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.
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.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_maid
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…
Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…
The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…
The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…
Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…
While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…