Bitshares: An In-depth Technical Look at Price Over Time vs BTC
Bitshares. This was wunderkind Dan Larimer's first project, before he moved on to Steem and eventually Eos.
So what is happening with the Bts vs Btc chart? One thing I notice right away from this chart is a reliable trendline (in blue) with pretty much 4 perfect touches which can be drawn across the highs. After that there was more than a year before it broke - absolutely massively - to the upside. In this respect this coin may have some similarities to Xrp, with its massive multi-year falling wedges vs Btc.
Unfortunately, a perfect reproduction of both the red and blue trendlines did not result in a breakout of the falling wedge this time around once price moved beyond them. That is concerning.
The last monthly support at 300 satoshis was broken in 2019 and has since acted as resistance. There was actually an almost perfect last retest and rejection from it in April, which denotes the possibility that it could be awhile before the Bts token is ready to outperform bitcoin again.
For me, it is really hard to find something in this graph to be bullish about. Clearly this has the ability to go for a massive run. But I am very careful about jumping into multi-year falling wedges, which can just continue on forever. USD Price is still up more than 4x from its low last year, but I see that more as a testament to the rising tide that an increasing crypto market cap brings than anything else.
In April 2022, after a 2:1 macro bearish time cycle has occurred, I want to look at this chart again to see if it could be readying for a repeat of 2017, and the explosion to the previous high of 16000 satoshis. In the short term however we have another bearish engulfing candle on the monthly, denoting the idea that we will soon revisit the last monthly support at 72 satoshis. From there we may form a double bottom-like scenario, however historically Bts continued making lower and lower lows before it finally popped so I would expect the same this time around as well.
Historical data suggests to wait for a weekly bullish engulfing candle, as in March 13 of 2017. Zoom in and look at how it engulfed over a month's worth of candle activity, and closed just above and right in the middle of a consolidation zone. After that it was off to the races.
The safest move would be to wait for a previous strong weekly resistance pivot level to get tested, then buy in upon a small rejection to the downside which finds support right at another previous weekly support level. If you did that on April 3 2017 you would have bought Bts at 693 sats – and two months later you could have sold it at 16000 sats.
These are some potential ways you can play for a big Win on this coin, based on historical data garnered from the chart itself. I hope this was useful for you. Let me know your own thoughts on this interesting coin. Do you use the bts token?
Are you a bag holder from 2017? Are you still patiently waiting to buy in? Are you dollar-cost averaging in right now? I'd like to know if there are still signs of life from this project and what it means to you.
So what is happening with the Bts vs Btc chart? One thing I notice right away from this chart is a reliable trendline (in blue) with pretty much 4 perfect touches which can be drawn across the highs. After that there was more than a year before it broke - absolutely massively - to the upside. In this respect this coin may have some similarities to Xrp, with its massive multi-year falling wedges vs Btc.
Unfortunately, a perfect reproduction of both the red and blue trendlines did not result in a breakout of the falling wedge this time around once price moved beyond them. That is concerning.
The last monthly support at 300 satoshis was broken in 2019 and has since acted as resistance. There was actually an almost perfect last retest and rejection from it in April, which denotes the possibility that it could be awhile before the Bts token is ready to outperform bitcoin again.
For me, it is really hard to find something in this graph to be bullish about. Clearly this has the ability to go for a massive run. But I am very careful about jumping into multi-year falling wedges, which can just continue on forever. USD Price is still up more than 4x from its low last year, but I see that more as a testament to the rising tide that an increasing crypto market cap brings than anything else.
In April 2022, after a 2:1 macro bearish time cycle has occurred, I want to look at this chart again to see if it could be readying for a repeat of 2017, and the explosion to the previous high of 16000 satoshis. In the short term however we have another bearish engulfing candle on the monthly, denoting the idea that we will soon revisit the last monthly support at 72 satoshis. From there we may form a double bottom-like scenario, however historically Bts continued making lower and lower lows before it finally popped so I would expect the same this time around as well.
Historical data suggests to wait for a weekly bullish engulfing candle, as in March 13 of 2017. Zoom in and look at how it engulfed over a month's worth of candle activity, and closed just above and right in the middle of a consolidation zone. After that it was off to the races.
The safest move would be to wait for a previous strong weekly resistance pivot level to get tested, then buy in upon a small rejection to the downside which finds support right at another previous weekly support level. If you did that on April 3 2017 you would have bought Bts at 693 sats – and two months later you could have sold it at 16000 sats.
These are some potential ways you can play for a big Win on this coin, based on historical data garnered from the chart itself. I hope this was useful for you. Let me know your own thoughts on this interesting coin. Do you use the bts token?
Are you a bag holder from 2017? Are you still patiently waiting to buy in? Are you dollar-cost averaging in right now? I'd like to know if there are still signs of life from this project and what it means to you.