$BTS/BTC Poloniex Technical Analysis / Market Report Update #106, May. 16, 2017.
Hello Steemers!
Now it's time to check out what happened with Bitshares during the time I was gone!
POLONIEX
1 day Poloniex chart - Mar. 23, 2017
1 day Poloniex chart - May. 16, 2017
4 hour Poloniex chart - Mar. 23, 2017
4 hour Poloniex chart - May. 16, 2017
After the March 23rd spike, the price retraced down to the 515 satoshi support, making a new local low with a spike down to 480 satoshi at end of March.
Entering April the price started what at first seemed an mild uptrend breaking several resistance level and in the coming days breaking through the last lower level resistance at 704 satoshi after which came a spike to the 1275 saotshi resistance level, with a new local high made at 1292 satoshi.
After the sudden spike to ~1300 satoshi the price retraced down to the 700 saotshi levels, finding strong support there and settling for a few days before continuing an slow uptrend towards the 1275 resistance towards end of April.
On April 30th the price reached the 1275 satoshi resistance level and got pushed down into a short retrace to about 950 satoshi for 2 days.
On May 2nd the price started turning once again in what has become a hard uptrend, this time breaking the 1275 satoshi resistance level without problems.
In the coming days it broke the 2000 satoshi resistance area as well as the ~2650 area, resulting in a new local high at the next, 3600k satoshi resistance level.
After making the new local high came a hard retrace down to 1600 satoshi with the price eventually finding support around 2000 satoshi.
Yesterday the price started going up again and is now traded around 2550 satoshi.
VOLUME COMPARISON
BTS/BTC volume Poloniex Mar. 23, 2017
BTS/BTC volume Poloniex May. 16, 2017
BTS indexed global volume Mar. 23, 2017
BTS indexed global volume May. 16, 2017
Coinmarketcap top volume cryptos Mar. 23, 2017
Coinmarketcap top volume cryptos May. 16, 2017
Overall volume about 3943% higher then on March 23, $BTS on 10th place on the volume rankings.
Poloniex volume about 2484% higher then on March 23, volume ~3330 BTC.
The volume on Bitshares has gone up extremely in the last 2 months, with a steady 1k+ BTC daily volume over the past 2 weeks.
COMMENT
Once again, I will post the comment by commenting as it involves my personal opinion!
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DISCLAIMER
I am showing multiple scenarios on the price movement, in the post itself I do not take any stance, either bullish or bearish. I am not responsible for neither you’re winning nor you're losses upon trading! the "comment" section is my personal opinion and does not mean I have to or do hold any positions in the given market.
Everyone who uses TA develops his own unique charting style, please keep that in mind.
Kind regards, OZ
COMMENT
The price is trading at the ~2650 satoshi resistance, waiting to see if it breaks it successfully in which case i see it going towards 3k satoshi, where I expect the next resistance.
In case the price gets pushed down i Expect it to find first support around 2200-2250 satoshi.
What are your thoughts on BTC pulling the Power and dominance back from Alt Coins?
I think btc is not done yet, expecting some "big" altcoins to be retracing down which will also give btc a nice push on marketcap dominance
Very interesting, I follow you right now.
Regards!
Tyvm for the follow! :) glad you like it!
Always good to see others coin analysis, think I should follow you.
Bitshare going up
I think several rocketing cryptos will be hit with profit taking. Many will be hurt and disgusted. Bitcoin will come back dominate. Poloniex is a dirty platform.
Vote for me, please.