Since the 17th of March, the 0.00021 price level has played a big role on the charts. Between the the 17th & 20th, 0.00021 prevented the market from breaking out four times. Price finally broke above 0.00021 on the 21st, and 0.00021 has been acting as support since that day. Seeing as price is now above 0.00021, it would seem that the path of least resistance is upward.
While 0.00021 has been supporting the market, the trading range has been getting narrower over the past two days. The 30-minute chart shows a clear triangle formation. In my MAIDsafe technical article from March 10, I outlined a very similar but much bigger triangle formation, which resulted in the bear market that sent the exchange rate all the way down to 0.000161. Triangle formations show market pressure building up, and very frequently occur just prior to big moves. Is MAIDsafe about to pop??
If price break below 0.00021 again, a sell-off down to 0.00018 – the next major pivot zone – would be very likely.
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.
