BitShares analysis Bitshares Breakout happen(#5)

BitShares breakout from ranging market experienced in the last 4 days heading towards $0.73 target (D on chart).

After sharp pull down in Dec-22 BitShares start to move side ways forming symmetrical wedge between support and resistance lines. After reaching oversold state in point C crossing lines in MACD indicator happened. ABC harmonic pattern with almost ideal Fibonacci proportions have formed inside wedge, suggesting target D for the next run at $0.73. Ichimoku moving average lines crossing also happened and price punch through the cloud upwards. This is all signs of new uptrend forming.

If you eager to start a trade it is not a right time already. Maybe you can use lettering technique and divide your trade in many small buys as the trend will develop. More conservative traders can start in buy point BP2.

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Image sources: investing.com, google.com

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This series of blogs is Dedicated to @docmastery! I recomand to visit her blog, she is a Nem BitShares fary of mine!

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