MAIDsafe Technical Analysis for 05/16/2016 – Price Approaching Major Pivot Zone at 0.000128

The 0.000105 pivot area continues to be a dominant price level on the MAIDsafe charts. On the 14th, 0.000105 acted as support for a third time.

Since bouncing off 0.00015, price has been rallying and is now approaching another major pivot area that may cause some problems: 0.000128, which was outlined in two of my previous MAIDsafe articles (05/09/2016 & 05/04/2016). Before I go any further, I would like to bring your attention to the price action on the 15-minute chart for the 10th of May, which clearly shows the 0.000128 area acting as resistance. Even though price spiked several times beyond 0.000128; the market could not stay above this level for any length of time.

Price is now approaching this level for the first time since the 10th, so it’s quite likely that 0.000128 will present an obstacle, given its prior history. In fact, the whole price range between 0.000128-0.00013 is one giant pivot zone. Every trader should keep an eye on this very important technical range.

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.