SimonMercier

BTSBTC : Nice formation. Support hold.

POLONIEX:BTSBTC   BitShares / Bitcoin
Hi guys,

In my last post, I was showing a monstruous year long wedge :


Lower support seems to have hold. Descending wedge are a shift between demand and offer, the only thing to make it valid is the lower support angle must be less than the angle of the resistance. We are very near the apex and we should see a new trend forming (different ratio of demand and offer) on the mid term. Normally we see an uptrend but lets be conservative here after this year of bearish market and not take it for granted. This is still a high risk time but I entered when price was 0.035, lets see what happen.

Im expecting a bounce and no lower low (IN BTSBTC not BTSUSD). You can see an imminent MACD-signal bullish crossover in the daily. However, the weekly is not fully in position. Still histogram contracting and MACD stay near the signal but still under it. Overall, i project BTSBTC on mid term to go near 1400 as daily suggest a short term bounce. It takes 7 days to complet a set of data on weekly so lets update once we are there :






Trade active: Good thing is BTSBTC seems to have found a new trend/supply zone. See the purple line in this chart. It was green in the original post. If this trend is valid it means to we are starting to exit the downward wedge and the demand adjust from negative price trend to neutral price trend :



If we gain slowly some higher lows we will have an upward new trend as expected. Of course projection in time cannot be effectively made on this until we have more data to speculate on a new uptrend. Right now, its more neutral trend with the purple line as lower support, previous one was the downward price green trend line from the wedge.
Trade active: I expect a 1240 sats target since 4h have an expanded flat:


New post when data gets clearer.

MACD not in the best position. higher chance of bearish crossover but that doesnt excluded testing higher resistance before retracing. more details to come
Trade closed: target reached: short term target reached :
hey simon . i hope everything is right for you . we miss you and your work . peace
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SimonMercier almiftahdz
@almiftahdz, hey thanks brother ! Yea I know I was missing. got some personal stuff to work on here. Will be more active this months. take care and thanks for your kind words!
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"nice formation"
which kind of formation is this?
the "SimonMercier"-formation?

BTS is dead. Had hope for it long time ago, fucked up my whole portfolio. Stay away.
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macd in this case will likely not manifest. i dont think there is a bullish scenario in any alt while we still have a looming BTC sell off that is, more or less, days away. I too am bullish on bitshares LONG, but unfortunately think we need resolution first with BTC before we can look at any indicators on an ALT chart and give it any serious consideration. just my two cents....if youre already in BTS, at this point its irrelevant what the true bottom is - there is so little volume traded that to short it now would be risking your position..depending on how big it is or is not. IF you aren't in BTS yet, great - the best time to buy in would be nowish and upto and including the near future. Sub 1k sats is a great buying opportunity, and i think we will see that level breached. good luck!

this is what im seeing,
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