Bitshares, July 27, A Trader’s View

The BTS "launch pad" was built over an 18 month period from Q4 2015 to Q1 2017. That accumulation phase was marked by .00001500 and .00000350 roughly defining its upper and lower limits where Bitshares were transferred from weak to strong hands. Another very important level the monthly chart puts the spotlight on is the .00007000 level, which looks to be an important bullish above / bearish below level.

The weekly chart gives us a closer view of the immediate effects of the long term support in the .00004500 area, also coinciding with the intermediate term 61.8% Fibonacci closing basis pullback on the huge move higher this spring. The weekly MACD is still positive and there is the possibility of some trendline support emerging parallel to the rising 21 DMA. It’s in situations like this where meaningful rallies begin.

There is a trendline shift on the daily chart where it actually appears to be having a positive affect supporting price already (right on top of the ascending 110 day moving average as luck would have it). The MACD clearly confirms the obvious downtrend in price since early June, but it’s now trying to turn higher too, confirming short term support. The downtrend itself has been broken with a breakout up to the key .00007000 level, and now price is attempting to put in a higher low. Clearly not out of the woods by any means, the moving averages are mostly in negative alignment, but here too we are seeing attempts to turn and all are still above the longer term 110 DMA.

I can’t tell you what to do, but, personally, this is where I like to buy previously identified bull market leaders, and when you're being offered something that has a 100x appreciation potential at just a little more than 3 times what the upper accumulation price was, you'd better not think too long. 😗

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@cryptographic