BitShares Moving Higher
After last spring’s parabolic rise, BTS gave back over 90% of that move, falling from its 50¢ high all the way back down to 4¢ a little over a month ago. Since that time BitShares has put an end to the unceasing sell pressure and begun to move higher again, more than doubling over that time. The weekly chart gives us a very clear picture of that turn of events with price finding support at the 100 week moving average & key horizontal S/R, and now once again rising above the important 50 week moving average. Volume looks a little lack luster on the rally, but after reaching such oversold exhaustion selling, I don’t think that is too much of a concern short term – we’ll have to monitor the situation going forward as this could indicate a pullback from higher levels.
The daily chart shows us the “rounding” bottom in greater detail and we get a pretty good sense as to how the selling slowly tired out, with buyers providing solid bids on the last of the sell spells around the 20 DMA (middle Boll), which marked the spot, and continues to do so, as can be seen by the way price followed it through the eventual bullish cross of the 50 DMA and beyond. While the Stoch RSI is struggling to embed above 80, other trend-momentum indicators like the MACD and RSI are looking strong, confirming what we are seeing with the moving averages.
The 4 hour chart practically needs no explanation. Even the untrained eye can see that the short term trend has been up. On the other hand, the trained eye sees indications that price might want to take a rest, with the 4 hour trend-momentum indicators showing bearish divergences and a weakening of the 4 hour trend.
Nonetheless, even if we see some signs of weakness very short term, we need to keep in mind the more positive looking longer term time frames whose pressure should be felt on the 4 hour, most likely keeping things to a minor, sideways affair as those overbought readings get worked off.
Finally, much like what I said the other day about STEEM, it must be said that the risk/reward for BitShares is particularly favorable for long term investors as the downside from here is extremely limited, and the upside, as we all know, is the moon. 😎
If Binance lists in December per the rumors a new ATH before the end of 2018 is very possible.
Looks like we're already trading on Binance!
https://www.binance.com/trade.html?symbol=BTS_BTC
And we're back in the top 25 in market cap as well.
What is Binance (BNB) in a Nutshell [updated]
For all those looking to find out more about Binance.
An excellent analysis on an excellent token.
How many coins out there are designed with the purpose of putting entire businesses on the blockchain? Not just records, not just transactions...but an entire business.
BTS is a blockchain idea that ties in with AI. The entire concept is to automate everything...all decisions....no need for human management. The blockchain and algorithms determine everything.
This week I will be adding another batch so I would like a short term pullback into the $.08 cent range. I still have two more buys over the next 10 days.
Glad you've been able to benefit, and thanks for that very interesting insight!
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STOP@cryptographic,
Few days back you made a great analysis report about BTS and I could remember what you said at that day! Fortunately I have decided to follow your guidance! As a result I could get BTS in cheaper price and now I feel awesome!
I don't know how you give such great analysis as always! This is absolutely a brilliant analysis my friend! One of the greatest analysis of charts I have ever found! Great work and keep it up! I am here to follow your tips!
Cheers~
Wow excellent technical analysis of bitshares and i agree with your thoughts in short run we may see a downtrend but for long run bitshares will surely go to the moon, buying and holding bitshares now no doubt a wise decision and it surely benefits us in near future.
Thanks for sharing with us such great technical analysis of bitshares, it's really helpful for us.
Hay thanks for update of market becouse i just waiting here to know market update .
As you said at last that it's great you had said to find the market move we have to look to the long term chart to understand the real situations. Thanks for maket update my friend.
Looks like I need to find a path to putting some money into Bitshares.
The way it is going it might be a good one and in term of money the price seems a low now probably within reach and hope it gets a long way :)
let it go all the way up :D
@cryptographic, You are giving massive support to the investors and traders. This time giving bitshares high level movement. Probably BTC price will be drop down like as past periods BTC drop down. It happen to no require long term. Thank you for posted best info.