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Long

Are Bitshares Following the Cryptocurrency Bubble? (EW Analysis)

POLONIEX:BTSBTC   BitShares / Bitcoin
It appears that BitShares are in either a Double combination or a Diametric Elliott wave pattern, which means that over the next year this could potentially retrace at least 80% of the down-trend and eventually make a new all-time-high. There is also a potential reversal zone, an RSI BAMM confirmation, multiple divergences, bullish fractal patterns, we're above the weekly SMMA's, breaking up out of this triangle, and we have retested support above the triangle. This gives us a nice setup that could start accelerating within the next couple of weeks, following in the footsteps of Litecoin and Ripple. This also means that this could be one of the lowest prices we ever see for BTSBTC             .

Fundamentally, Bitshares is one of the more well-developed cryptocurrencies and have many features such as smart contracts, price-stable currencies, decentralized asset exchange, scalability, dynamic account permissions, recurring and scheduled payments, a referral rewards program for contributing to network growth, regulation-compatible user-issued assets, stakeholder-approved project funding, and transferable named accounts. They also have a fairly active community and well-funded development. Many of these features could eventually be leveraged to build financial applications for the underbanked in emerging markets that are increasingly being connected to the internet and need a access to fast and cheap ways of sending and storing money on the internet.

BitShares are built on the unique Delegated Proof of Stake (DPOS) algorithm. This proof of stake algorithm actually solves a lot of the problems bitcoin             is having right now with development, specifically that the miners in Bitcoin             are holding back development. In DPOS, the stakeholders have all the power and if the miners ( aka             "witnesses") don't stay neutral then the stakeholders can elect new witnesses and the miners will no longer get paid for their blocks. This gives stakeholders and developers far more power over the development of the network, and prevents powerful centralized miners from having undue influence over the network. This is such a major problem for Bitcoin             because there are so many significantly more robust and innovative coins that have far more features being released and developed, and because the Bitcoin             miners have decided to hold back development and prevent any new features from being added to Bitcoin             , Bitcoin             will likely see a major loss of market share as companies and individuals use blockchains with far more features to build their financial applications on, instead of Bitcoin's blockchain which continues to be stuck at an impasse with development even as far more innovative coins are released and gain market share.
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Nice chart, the best analysis! Thanks...
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do you still think is going up?
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Great call!
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Nice idea. Bought some bts at sub 300. Im targetting 1200 for tp 1
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