One of my favorite underrated coins/projects... Bitshares has been strong since April, nearly tripling in BTC price. Hidden bullish divergence is strong on the 1H chart as price consolidates in a symmetrical triangle, suggesting continuation of upwards trend despite the long term chart showing completion of impulse waves. This is a high risk short term trade with a high potential reward. Breakdown of triangle would potentially lead to a longer term correction before ultimate continuation of price rise.
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hidden bullish divergence still occurring despite volatility. starting to look a little toppy on 24H chart. planning to add more if we drop further to 3700 and it holds.
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showing signs of hidden bullish divergence at support
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looks like a major correction. waiting on this much bigger drop to bottom out before considering getting back in.
love me some bitshares... I was done with crypto in November threw my portfolio on it when bittrex delisted 33,000 shares at 4 cents. Now I'm still in the game. Yee haw.
thedude31
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@aking414, I also enjoy adding nothing to the educational purposes of TV. I do appreciate your work. I take it LTC is confirmed as per your last chart? Or does the daily need to close above triangle?
Yrat
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@aking414, grats on the BTS gambling win! I have also had my fair share of hail marys that have made up for disappointing losses.
LTC is currently looking good but it will need a MACD crossover to positive to definitely confirm the breakout. I updated with a shorter term 12H chart to see things a little closer.
MovingWater
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bull trap- hold on
kitkat16
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any thoughts on this after going downwards? Where would you put a stoploss on this bud?
Yrat
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@kitkat16, check out the latest update...price has gone up AND down, i'm currently just about break-even. i do plan on accumulating more (slowly) on further drops, but i would caution a stop loss on a coin with such high volatility. you may get stopped out only to see the action fly up through your target prices just a few hours later. your stop loss should depend on your personal level of risk and the percentage of your portfolio you have allocated to the position. i know this is probably not as specific an answer as you likely wanted, but there are many variables to consider.
personally, i have about 15% of my portfolio long on BTS right now with a longer-term goal in sight. i am willing to weather volatility while using the coin as collateral for other margin trading. i could take about a 15% loss on the position before i would start to surpass the universal -2% rule on my overall trading capital.
kitkat16
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@Yrat, thanks for the heads up. I have a decent bag and was thinking it was top of wave 5 and nothing left and I had sold at 4160, thinking we'd see something like an ABC or deeper retracement. Saw your idea and the divergences do look good on some timeframes.
May I ask what your long term goal is on BTS?
Thanks again.
Yrat
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@kitkat16, long term I think there will be a greater push towards decentralized exchanges and tokens like BTS will be in greater demand. i can't really guess much of a target since it is such a new and still yet underutilized area of the crypto scene. i expect any significant regulation or tax crackdown on exchanges will cause explosions in the popularity of DEXs. i guess i don't mind bagholding this one because i truly believe in its intent of true decentralization, much like the original spirit of btc.