The 0.0046 pivot area – which I said would come into play in my last Factom technical article – was broken today, and it also acted as resistance today, just a few hours before the break. In my previous article, I also stated that if price gets over 0.0046 – a really towards the 0.0052 pivot area was likely, and I still maintain that sentiment. Unless the market gets under 0.0046 over the next few days, the path of least resistance is up!
The 0.0046 area has already turned into support today, so that is another good technical sign that market participants are watching this price level very closely.
If there 0.0046 doesn’t hold as support and price plunges underneath this level again, the next pivot area can be found at 0.00425. This price level has acted as resistance about three times since the 21st, and turned into support on the 22nd. Mark this one on your charts.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_fct
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