There are about 2.5 billion BTS in circulation. I don't think a post seen by a few thousand Steemit users in the past 25 minutes caused a jump. I'd recommend everyone check out his tutorials on Elliott Waves to gain better insight into how he interprets the markets.
RE: Bitshares (BTS) Update: Ascending Right Triangle Pattern Spotted!! $0.90 Short Term Price Target
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Bitshares (BTS) Update: Ascending Right Triangle Pattern Spotted!! $0.90 Short Term Price Target
I agree...he announced right at the apex of a triangle consolidation pattern...many experienced TA's saw this and waited for the break or bought in anticipation of the thrust...but im sure we help :-)
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The increase in bitAssets (bitUSD, but mostly bitCNY recently) is the reason for the recent growth in price along with the bullish alt market in general. When bitAssets are created, a short trader must lock up 1.75X the equivalent value in BTS in collateral. So, for every 1 bitUSD there is 1.75X that value in Bitshares locked in a smart contract as collateral and removed from circulation. The more bitAssets that come into existence, the less bitshares there are available to trade, thus increase in price.
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I know this is awesome..i've seen a huge increase in liquidity these last 2 months...i don't know if this is true but i read in more than one source that the increase in BitCYN liquidity was due to Chinese investors looking for a DEX to use...makes sense
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