Bitshares VS Bitcoin: bearish short-term ?
Today Bitcoin broke above its falling wedge, a bullish reversal pattern, although I'd like a good volume for confirmation:
Historically, when Bitcoin rally, its dominance over altcoins increase, and cause the laters to drop sometimes considerably.
Only then, they start pumping like crazy.
The BTS/BTC chart shows a rising wedge, a bearish pattern, while possibly being in the re-distribution phase of a Wyckoff cycle.
There is a surprising number of resistances here:
- The 38.2% Fib. level
- The daily MA-30
- The trend-line of the rising wedge
My current strategy is to sell BTS for BTC if a clear break-out of the wedge's bottom happen. Then buy back at levels marked by white-dotted lines.
Legal disclaimer: Sue me if you lose. I will go to jail and give you my money. I am responsible for what you do. By reading the article, you did accept to comment, vote, and resteem it.
short term bearish and very bullish long term
I think the same.
Yeah we just need to get on the other side of this bear market! I won't sell either!!
Finally someone comparing Alts to btc instead of USD. Why do analysts insist on comparing Alts to USD when you need to nuybin (in most cases) using Btc!
If BTC is bullish, your goal is to make higher gains than it, therefore why comparing with bitcoin.
Because virtually every alt is traded against btc not against the USD. People use this to hide when Alts have dropped. If btc goes up by 10% and Alt A goes up by 5% against the USS it looks bullish, but in reality it is btc pulling up Alt A and Alt A has actually lost value against btc.
Just holding the btc is always an option (and usually the better option) so comparison with btc makes much more sense.
I love the disclaimer. I always thought bitshares was a generic bitcoin. Is that not right?
Bitshares is the most used decentralized exchange of the moment. It uses a graphene blockchain, same as steem. Therefore it has very fast transactions with low fess.
You can try it live here.
Do you suggest bitshares?
Yes, it's way more secure than exchanges in unstable jurisdictions that can suddenly block your money for no logic reasons.
And a blockchain cannot be hacked.
Thanks, I’m all in
Very good information @toucancrypto,
I think this is a good strategy to sell BTS to buy Bitcoin,
I am optimistic this will be profitable ..
Optimism is good 😉
a very good post @toucancrypto, talking about Bitcoin, I've read from some articles of people, they say that Bitcoin price will rise to 100% in 2018. How do you think? Will it happen?
I think it's time to buy Bitcoin. thank you..
It doesn't sound crazy, it has grew a lot more than this in 2017.
Good information but i think that bitcoin will increase up to 20 k when whales back again and make market waves
It's possible that bitcoin reach its ATH in a few months, yes.
I do not understand in reading the movement of traffic, and also BTS,
When do you think Bitcoin will increase again?
At this moment it looks very good. But it needs more volume.
Bitcoin increase up to 19 k when whales enter the market ...
And eventually, it will reach a new ATH 😉
Great article, resteemed. We caught some bullish action today. Flipped some status network.
Bitshares and bitcoin to recover this week.
On the 1H chart bitcoin looks great, it's the first time the RSI goes above 70, since the 3th May (just before it went to 10k$)
Bitcoin is currently trading on a zone that has causes some resistance previously, if we can break above this region we will see a strong push towards the $8,780 level.
The pump paused before the RSI rising 70. It's sign of weakness.