BitShares Analysis 2018.01.10 – Mistakes were made

2년 전

Drop in BTSBTC

At the last installment I had thought we were going to drop, but instead there was a bull run. There is still not enough volume to confirm any type of trend, but the price it has not broken through the long term upwards trendline.

The assumption is that this is likely to continue. If there is a break on volume, then the upward trending price action is likely to end.

The price has tested my longterm trendline before and it is about to test it again. If the line does not hold, more down is certain.

I would short only on the confirmed downtrend.

Confirming the observation using the RSI

The RSI is currently still 50 and which means that is in neutral territory. As before, RSI is a helpful indicator which in this case it is useful as a recommendation not to buy or sell until either up or down is confirmed.

The prediction

I recommend a wait and see approach.

Till next time,
Tinus

** Images courtesy of tradingview.com

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
STEEMKR.COM IS SPONSORED BY
ADVERTISEMENT
Sort Order:  trending

Great article! I think this pattern could be due to the massive competition that Bitcoin is starting to face. Bitcoin's advantage was that it was first to market but I believe it will go down as its competitors jump on board.

·

I agree, bitcoin is at the end of a good bull run. Competitors generally have its features plus a little bit extra

Can somebody pls explain to me when bitcoin drops every other ALT coin and even bitshares drops in value. I like bitshares but this always puts me of investing in it

·

Its group psychology. The alts go up because people feel they missed the bitcoin train so they look for something else that looks like good value, but is yet to go up. When bitcoin drops the whole crypto market suffers from negative "crypto" sentiments. i.e. crypto will fail (all of them)

·
·

I heard it was herd mentality. My mental hurts from to many herds. Hear me!?? ;-D

Thanks so much for being part of the healthy Qurator home!

If Somone Upvote Me With High Value God Bless Him In Advance .So Nice And Great Post Dear Keep Going On In Steem Success Will Be Yours I Hope Thanks