The Nubits digital token was in quite a precipitous drop during the last Bitcoin rally to $500, but price seems to have stabilized now, and some definitive pivot areas are visible on the daily chart. In particular, the 0.0032 area is of great technical significance. This level has a history that goes back to July, when 0.0032 acted as support for the first time. Also, this level also acted as support a second time on the 5th of August.

When the market smashed through the 0.0032 level on 28th of October, 0.0032 turned into resistance. This was evident when the market retraced back to 0.0032 on the 31st, and once it hit 0.0032, it promptly continued on its way down. The 0.0032 area acted as resistance once again on the 5th, 6th, and 11th of November. This level is a very well established pivot area now, and price is having very hard time making it above this zone.

The 4-hour chart is showing a minor pivot area at 0.00295. This level has been used as support/resistance a few times in the past week, and is currently holding price from breaking lower. A break of either of these two pivot areas will most likely signal which way the market is leaning.

Disclaimer:  This is not trading/investment advice!

Chart source: https://poloniex.com/exchange#btc_nbt

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The post NuBits Technical Analysis for 11/18/2015 – Trading Between Pivots appeared first on The Merkle.

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