MAIDsafe Technical Analysis for 05/09/2016 – 0.000115 Pivot Zone Turns Into Resistance

My previous MAIDsafe article looked at some of the major pivot zones on the charts and the 0.000128 area, as well as 0.000115, were two of the main levels that were outlined. At the time, I speculated that a break under 0.000128 would most likely send price all the way down to 0.000115. On May 7th, price sold-off in a very violent manner down to 0.000105 – the previous swing low from the 26th of April.

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During the selling on the 7th, the 15-minute chart shows that 0.000115 also acted as support. However, since the 7th, the 0.000115 area has turned into resistance and has prevented price from breaking higher on two occasions.

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Price is now sandwiched between 0.000115 & 0.000105. The 0.000105 level has become a double-support area, and if this level fails to halt the current bear market, price may head down to 0.00009 – the prior swing lows between the 11th & 13th of February, 2016.

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Disclaimer:  This is not trading/investment advice!

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

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