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:-
- 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.
- 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.
- 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.
- 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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Very good analysis. I agree 100%. Bear market rules apply with BTS.
The good news short term should be that with such a steep downtrend channel, we could well see a nice reaction rally to sell into when it breaks to the upside.
Yes that correction in this bear market can happen anytime
great post @jimmyrai28, check this out: https://steemit.com/steemit/@pastorlea/unbelievable-discovery
Being that this can be a volatile market at times, patience is needed.
yes, patience is always a key to successful investing and trading
Its people taking advantage of the latest maintenance that is currently taking place. For more info see www.bitsharestalk.org
is it? charts are showing support and bitshares price has bounce little bit from those levels,, may be your suggestion has connection with that
I guess BitShares got ahead of itself a bit (the price). If the BitShares platform itself is still sound and humming, this bump in the road will soon be forgotten.
PS. Does BlockTrades.us no longer support BitShares?
Thanks for stopping by.
And i also couldnt able to login yesterday. ..site was keep msging me with some internal issue
It happened today as well but I got the option to choose a different server and it worked then.
Thanks for the analysis. Is it still down trend for Bitshare this week?