After a break in the resistance of 0.00006 on March 22 last year, Primecoin / Bitcoin took just two months to create a record high of 0.00034869.
The market was optimistic for another month, until it became the top peak on June 28 after it could not overcome the resistance of 0.00032. When sellers dropped their positions, the pressure overflowed the buyers, and as a result, critical support at 0.00025 broke down on July 1.
At the moment the market has become extremely bearish. He fell one lower level after another. On October 15, the pair finally settled at 0.000017, where it consolidated within two months and set a new level of support. December 25 marked a huge rise, marking the end of the consolidation period.
Technical analysis shows that the pair has created a bullish reversal pattern, which depends on a successful resistance breach at 0.00006. The market threatens to withdraw this level of resistance from December 25, but the bears continue to hold this position.
A significant drop in prices and volume levels over the past few days indicates that bears are running out of ammunition.
The strategy is to buy as close as possible to the support of 0.000044. A recent pullback puts the market in a better position to break 0.00006 in its next attempt.
Daily Timetable of Primecoin / bitcoat at Poloniex
At the time of this writing, the Primecoin / Bitcoin pair is trading at 0.00004700 at Poloniex.