The big drop that took place on April 10 pushed price underneath a key pivot zone, which is now acting as resistance and preventing the market from breaking higher. Of course I am referring to the pivot area between 0.0033 & 0.0034. I wrote about this pivot zone in my Factom article on the 21st of March, and it seems that this technical area is continuing to influence the market.
In fact, the 4-hour chart shows how price was struggling to make it above 0.0034 a few days ago. After three unsuccessful attempts, the market started to drift lower yesterday. This pivot zone is of extreme technical importance and many market participants are well aware of it. Unless the market breaks above this area at some point in the future – I am afraid the bear market will continue.
There is also another minor pivot that is worth mentioning. The 2-hour chart shows that the 0.00316 area acted as resistance on the 13th, and also as support on the 16th. Price broke under this minor pivot today, and if price stays under it for at least several hours, the 0.00316 area may turn into resistance again, which may set the stage for further selling. Keep an eye on this price level!
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_fct
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