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. 😗
Excellent post, thank you. The HERO marketing campaign is just kicking off, already a couple of articles in the MSM. I expect the next 2-3 months to be crazy train for BTS. After the Segwit hubris dies down a lot of coin is coming back into the exchanges and will be looking for pumps. BTS will be one of those...
Thank you for the feedback and the HERO reminder (I've familiarized myself, but I've still got more reading to do). It sounds like something that's going to bring a lot of attention to BTS!
Good analysis. Personally I think Bitshares is undervalued. It will grow in short time
Thanks. I agree, it's a good buy in my opinion. Could be building a larger fractal of the late May, early June period, and if the upshot is at all comparable in percentage terms, it could be a biggie. 😜
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Well done to put monthly, weekly and daily charts/viewpoints to the same analysis. Primary points well taken! I've seen the same picture with several gold and silver miners during the last ten years. In most cases the major bottom has finally been "in" but not always.
Funny thing is that the feeling always stays the same: "Is that it, is the bottom really in?"
But nevermind; if one is thinking long term, then the price level should be considered at least "good" at the moment.
Upvoted & resteemed.
"Is that it, is the bottom really in?" I can identify. 😆
And I agree, if you're willing to hold long term in case you're wrong, these are good prices (I would say VERY good). With BTS and STEEM, I don't think it's a question of if, but only when. IMVHO, both are long term 100x candidates, minimum - again, long term - and probably much much more when thinking in terms of a 5-10-15-20 year time horizon.
Nice to see you over here in crypto. I did my fair share of miners years ago, and it's nice to hear your comparison. Brought back memories. Anyhow, welcome, and I hope your "stay" is as rewarding as it will be fun. Followed you, so you can count on me popping in to say hello from time to time. 😉
Thanks for your comments! I agree that it will be a question of when. I haven't given up on Au, Ag or miners but they have taught me lessons I'll never forget. That's why I'm trying to be careful. Years of 2008-2011 were really nice indeed, years of 2011-2015 were a real learning experience. Ever since early 2016 the feeling of slow resurrection has been on. We'll see what happens...
I can see a lot of same kind of volatility in Cryptos that I have experienced with precious metals. It helps dealing with corrections which BTS, for example, has faced lately. BitGold and BitSilver are very interesting markets to time on the DEX as well.
The DEX is a phenomenal idea. Needs volume, but it'll get there, slowly but surely. Nice difference in commissions between crypto trading and stock trading too (regardless of exchange). But what I like best about crypto is having the wind at your back - this is a long term bull market in its infancy! Even if you get caught with your pants down, the size and scope of this bull will be ever forgiving, if, and this is a big, very key "if", you pick good ones to work with. I'm playing with a very limited list for now: BTC, LTC, BTS, STEEM, SYS, PIVX, and then for the real longshots, I don't feel too uncomfortable with GRS, XMG, NLG and maybe a little DGB at lower prices. Nevertheless, BTS and STEEM are my unreserved favorites. Check 'um out and let me know what you think.
Everything you said, is awesome. Upvoted!
Great to hear that! 😁
I'll check these out and get back to this conversation. Now it's sleeping time at my location!
Yep, it's a challenge to pick good ones to work with. Having so many coins/digital assets around does not really help. Me too needed to limit my playground to keep my acts together. My list mainly includes BTS, STEEM, BTC and early adopted Monero. Smaller pieces in few other coins. I'm following MUSE too although information is limited and its future seems a bit unclear. All in all, BTS have been the number one for some time and long may it continue!
I checked GRS, XMG and NLG and found NLG the most interesting at this point. Too bad that it's not possible to trade them at Kraken or Polo where I have accounts as well.
It's surely a great feeling having the wind at your back! That reminds me of years 2009-2011 when Ag and Au had the wind at their sails. I still think that PMs can continue with next leg of bull market along with Cryptos, at the same time.
BTW, as a prog fan I dare to share this link about the wind at ones back:
Just a quick notice: it's been a busy day trading bitshares today :-)