It seems that BitShares has found the support, while forming a double bottom at $0.118. The following wave up resulted in a break above the downtrend trendline as well as 50 Moving Average.
There are to resistance levels to watch, first minor resistance is at $0.17, where the downtrend trendline was previously rejected. Second major resistance is at $38.2% Fibonacci retracement level. This should be the key price to provide further clues on the price development. Break above that resistanace could start a long term uptrend, while rejection should result in more consolidation.
On a downside, break and close below the $0.11 support should invalidate short term bullish outlook and send price slightly lower or just extend the consolidation.
Trade closed: target reached
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Comment
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watch the previous resistance, at some point it might act as the support
Please take my apologies - I was referring to BTC cross-price and pattern.
drgorogbalazs
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I love BTS. On the daily seemingly is forming a potential cup & handle and now reaching 3000 sat resistance with the cup. I am expecting a pull-back to at least 2500 sat which is the 0.618 of the recent bullish swing from the double-bottom as referred to in your chart. Or back to 2000 sat which is a pull-back to 0.382 fib of this recent bullish swing and then go from there. Thank you for the awesome analysis as always! All the bests!
CryptoPAMM
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@drgorogbalazs, thanks :) well the pullback could be healthy, but maybe coins could first just much higher
drgorogbalazs
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@hitech, Thanks a lot - sure. I kept some for the longer term:-). Thanks for all the great and interesting analysis across the 'crypto-board'.