Bitshares(BTS/BTC) Update 10/07/2017: Testing Major Supports!!!!!!

Bitshares is trading again in red today. It seem their is no ending to this downfall as with each passing day this scripts goes further down. In yesterday's session, bitshares shut its shop at 6544 satoshi, and today it is trading further down at 5878 Satoshi. 

What is happening around Bitshares? To know this lets take our attention on chart below......

In above chart there are few points to take note of , which are as follows:-

1. Trend Change: Bitshares trend had changed from corrective to bearish. This happened when BTS breakdown from long term rising trendline(purple color diagonal line) few days back.
2. Intersection Point: 10 Days EMA which is of green color wavy line chart above is on verge of crossing below 50 Days EMA(red wavy line). Crossing below will put further bearish bias in ongoing weak sentiments for BTS.
3. Support 2: This support is at 5338 Satoshi and It is being tested by BTS in today's session. This support is important as it was prior resistance and BTS found hard to breach this level in past, so if this held one can expect bounce back of BTS prices, otherwise BTS will turned as dead stock.
4. Falling Channel: Since the BTS started falling , it has been following this channel. In, today's session along with support 2, the lower trendline of this channel is again tested and still BTS is putting pressure on this trendline.

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Now the Conclusion

In conclusion, its clear that BTS is still very weak, but due the support of 5338 level and falling channel, a traders can play for bounce back. But for investors, conditions are not idle for buying, as trend is still on downside, if BTS breaks falling channel on upside and gives two close above that, then only long term buying can be think of.

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