So where will Bitshares go from here? Well, it's already completed a on BTSUSD and broken out of an ABCDE correction as we explored in
This also coincided with the completion of a on the BTSBTC pair. However, there is also a much bigger in play which will see Bitshares rocket to at least 16000 satoshis, if not to 18000!
This is going to be one hell of a ride!
What I have noticed however, is that during a bull run, many crypto's impatiently bust out of this correction at D. So dont be surprised if we start impulsing up again out of D.
Now, we should always look for an alternative: There is still a possibility that this is an ABC correction, which may end up going lower. Something like this:
Either way, once this correction is done, we will head higher in my opinion!
It's making it's way to E now, then I expect an impulse out of the triangle to around 6500 - 7500 sats, then potentially a retest of the triangle for support before it goes to around 9500 sats over the next week or so.
Here's BTC rising wedge and also BTS vs BTC.
The timing lines up nicely to see BTC go down vs USD, while BTC maintain it's USD value, thus pushing it higher vs BTC.
BTC loves to do the opposite of my charts, so let's see what happens.
I meant: The timing lines up nicely to see BTC go down vs USD, while BTS maintains it's USD value, thus pushing it higher vs BTC.
So it could still be an ABCDE correction, just adjusting the down side a little more:
OR we could be back in ABC territory:
It could also be an expanded flat correction, but that is my tertiary count at this stage.
The RSI on the 4hr is well and truly in the oversold area. It's also crossed and starting to turn up.
Although BTS vs BTC has dipped, the USD price has remained _relatively_ stable due to BTC's increase vs USD.
My next update will only be if we have broken out of the pennant (either up or down), as there's no point revisiting the same content over and over.
So it looks like we are absolutely in an ABC correction now, instead of the ABCDE considered above. It was a possibility I outlined in an earlier update to keep an eye on.
BTS is still in phase with BTC, so it's always important to watch BTC's movements when considering your BTS (and alt coin) positions.
This is also mirrored in the BTS vs USD chart as well:
Corrections are a normal part of a market. I still believe BTS will move higher against BTC once this correction has completed, but we have to continue to be aware of all possibilities to ensure we aren't caught off guard.
I want to highlight something I just noticed, and that should have alerted me a little sooner, and that's the presence of another cup:
This is currently making another larger handle.
I am thinking we are at about the end of the correction, but due to the sell off in BTC, we may head even lower as people try to stop the bleeding and get out into USD. If we do head lower, the next support is at the 0.786 fib, or 2k sats.
I'll keep checking in over the next few days with updates.
Now, I've seen a similar wedge in BTSBTC, which broke down. This is really concerning given the potential projected target:
Please keep an eye on this, because although I believe BTS will be mega long term, there may be a better opportunity to buy lower.
Thankyou for the analysis, very helpful.
Can you please help a noob out and explain:
with regards to short term trading, once a target is reached, is the general idea to rebuy on the retrace to the previous target/fib line? If not, how do you determine the target for the next buy zone?
Thankyou very much again, subscribed!
I'm an absolute noob when it comes to Elliott Wave (EW) theory, but I try to apply it to my TA, and it's getting better. EW states there will 5 impulsive waves and a subsequent 3 wave correction. Typically you would only sell at the top of wave 5 and then buy back in once the 3 wave correction is done. These all correlate with fib lines, so you are kind of on the right track. I'd recommend reading:
I'll post an update soon with BTS targets