Crypto Analysis Spotlight 2017.12.02 – BitShares, a good buy

A good place to buy

Last time we took a look at bitshares and predicted a drop to 0.000013. Currently it is around 0.0000126.

If we take a look at the graph below

In the daily BTS/BTC chart, in the volume bars chart, a clear decreasing pattern on the volume can be identified followed by a flat volume. This indicates that the price has no real direction and the current drop is likely due to profit taking. In this case the price can fall more, but currently this is a really good buying opportunity. The aim would be to hold through likely future market volatility.

Confirming the observation using the RSI

The RSI is currently around 48 on the daily and even though this is around the middle of the range. The fact that there is very little volume is an indication that we are likely entering an accumulation phase.

The prediction

I believe that over the next month we should start off in a flat pattern with an increase in price. There may still be some drops, but there is good upside potential here.

Disclosure

Full disclosure as stated in my previous analysis here. I did buy at 0.000013

If you would like to see an analysis on other crypto's please let me know in the comments below.

Till next time,
Tinus

** Images courtesy of tradingview.com