This is just an attempt to understand where BTS could be in the trend against BTC. The reason for the attempt is because BTS against USD looks a lot clearer. I have seen some ideas against the USD pair that I agree with in terms of price targets. I don't think $20 - $50 is unreasonable just by looking at the chart, not considering any fundamentals. However, BTS has a lot of history and has definitely stood the test of time, already surviving two bears and coming out of those with what seems to be a strong project.
Trying to add data to the chart is a challenge. The drawing is supposed to represent all data back to 2014. The idea is, BTS has been in a 7 year correction with the 2017 thrust being the beginning of a B triangle. To put it simply, a large A-B-C or if you prefer W-X-Y which is in the final leg.
A move out of this final leg could provide some clarity. I expect BTC to be resuming its uptrend soon, but if BTS is to achieve the targets mentioned against USD, it would need to be outperforming BTC.
This idea does not provide certainty on any direction, it's simply too unclear to establish. However, certainly one I will be watching.
Note: This is not advice to buy or sell BitShares, only an observation of trend.
Good luck out there!
Trying to add data to the chart is a challenge. The drawing is supposed to represent all data back to 2014. The idea is, BTS has been in a 7 year correction with the 2017 thrust being the beginning of a B triangle. To put it simply, a large A-B-C or if you prefer W-X-Y which is in the final leg.
A move out of this final leg could provide some clarity. I expect BTC to be resuming its uptrend soon, but if BTS is to achieve the targets mentioned against USD, it would need to be outperforming BTC.
This idea does not provide certainty on any direction, it's simply too unclear to establish. However, certainly one I will be watching.
Note: This is not advice to buy or sell BitShares, only an observation of trend.
Good luck out there!
Comment:
Breakout looks imminent on BTS-BTC.
