Bitshares(BTS/BTC) Update 23/06/2017: Green Candle, Bears Be Aware!!!

Bitshares is in downtrend or I say distribution or in correction of its price for many days. But this downward pressure is seems to be waning now, which can be judge from thin volumes and green candle on chart below after so many days.

If I draw your attention on chart below you can see a today's formation of green candle after straight five days of red candle. If i give you little overview of candles on chart then GREEN candle represent trading activity which was won by buyers and RED candle represent a trading activity won by sellers. This explanation of candle is simplest to understand them.

Right now BTS is trading at 11k satoshi. Today's opening price is 10.5 k satoshi which is same as yesterday closed price and high it has registered uptil now is 11.6 Satoshi. I also want you to notice on chart below that BTS is trading above its support which is marked as SUPPORT 1 and also above 10 Days EMA(Blue wavy line), which is encouraging sign for Buyers or BULL and concerning sign for Bears.

Todays action is also on expected note as i have pointed out in my previous update i.e.(https://steemit.com/bitshares/@jimmyrai28/bitshares-bts-btc-update-21-06-2017-is-correction-about-to-over-or-continuing) about declining Volumes. You can also see this on volume coloumn which is at above RSI indicator. Volume in BTS is around 10 Million for many days which is way down its moving average of 97 million. Low volume is bad for bear in downtrend and bad for bulls in uptrend. RSI indicator is also showing some positive move along BTS prices which is another encouraging sign for buyers.

In conclusion, I must say we may see change in trend of BTS price, but a condition to that is this that Bitshares must close today and tommorow above its SUPPORT 1 and 10 Days EMA. And previous uptrend will also get resume after crossing of Yellow Dotted line on chart.

(Chart is same as above for easy reference)

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