I'm back with another market insight on cryptocurrencies, today I'm on the daily chart with BTS/BTC.
This idea is extremely similar to my post yesterday with Ripple (chart is shown below).
Again, just like XRP this cryptocurrency is one that has definitely become more and more appealing over the past couple of months, especially now because of the potential return short and long term.
The curve presented on the chart can be seen across various financial markets and is simply a representation of an asset becoming less valuable over a long period of time.
As price is pushed towards the lowest possible value there are three potential outcomes:
1. BitShares will crash (highly unlikely).
2. It will continue to trade below the curve.
3. Experience a huge breakout to the upside.
I'm expecting a big move up this year! I'll be using the three key zones highlighted in grey as an indication to where price will stall before continuing the move up.
This post was merely an introduction to the technical side of BitShares, but I hope you gained a lot of insight from this short piece of analysis.
Updates to follow! Don't forget to add me on social media :)
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Next stop 0.00004500.
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Price has now broken out of the descending channel on the 5m chart, expecting more upside movement.
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Approaching our first target level, secure some profit before the next move.
@LewisGlasgow, I really like BTS as a platform and jumped out at around .00016, might be too early to tell but whats your prediction on a new entry price for this one? I think it has longterm legs. Thoughts?
DarekJasica
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Well done mate. What is your opinion about BLK? It seemed to follow bts, until today morning.
chemal
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amazing trade! well done man! you are a real magician!
What do you think about XRP and LTC now?
Psywalker
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oh man.. i sold to early.. no patience... haha newbie mistake... :D this was my last mistake.. i swear!
! have a nice day bro!
I_see_BTC
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Wow. Wow. Wow. Not the first time I'm kicking myself for missing a crazy crypto price movement but this one was REALLY well managed. Sober identification, bread & butter entry, and ultimately a well-deserved payday. Congrats to LewisGlasgow and all those that cashed in here :-)
Question ; Should I secure profit on the grey area or now?
Thanks!