Since the start of February, NXT has been grinding away in a sideways fashion supported by the big pivot zone at 0.00002. The 0.00002 area has held as support four times in February. However, yesterday price made it underneath this pivot zone for the first time this month. When price retraced today, 0.00002 turned into resistance. The 0.00002 pivot has acted as resistance a total of five times since the middle of January! If 0.00002 continues to hold as resistance, the chances of a big sell-off increase dramatically.
If the market plunges over the next few days, the 0.000016 area is the next significant pivot to look out for. This level held as support twice between January 17-22. The 0.000016 area also acted as resistance at the end of December of 2015.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_nxt
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