Bitshares(BTS/USD) Update 15/07/2017: Pressurizing Support, Will it Held or Breaks???
bitshares·@jimmyrai28·
0.000 HBDBitshares(BTS/USD) Update 15/07/2017: Pressurizing Support, Will it Held or Breaks???
<html> <p>The downtrend in bitshares has taken little pause at moment as it is now trading around important support level of 5338 Satoshi. Bitshares is now trading at 5289 Satoshi which is just below the support level. </p> <p>Lets take a quick glance on chart below to find out what is occurring beneath.......</p> <p>https://steemitimages.com/DQmVaboiUcmLV73E6QFWCjZ3ppo2tuz6W9VAaTLxsFGtwT4/image.png</p> <p>In chart above there are few things to take note of:-</p> <ul> <li><strong>Support 2: </strong> This support is at 5338 satoshi level and BTS is hovering around it for few days. This process is just making this solid support little fragile, which is a bad sign for bulls. Buyers are fighting but its seem from trading pattern on chart above that still sellers have upper hand over buyers. How long this going to last? well i donot know that honestly, but everything has an end, so if uptrend doesn't last long same is the case of this ongoing downtrend, it will also gets over.</li> <li><strong>Falling or Descending Channel: </strong>Bitshares has breakdown from this channel three days back but now its back in trading inside this said channel. With the help of 'support 2', and with sideways movement which is happening currently, who knows when this script start trading above this channel. But that scenerio is yet to take shape of reality, but as i am sick of talking and taking bearish note of things in bitshares; one never know it might be case with other traders also, who just moved sideways after earning from their sell positions and now might be waiting for right time to pounce in buying the hell out of this script. </li> <li><strong>Volumes: </strong>Liquidity is also on a low level, which shows exhaustion of bears at low level and also shows that bulls are also not participating as much as they should. May be they are also waiting for right moment to jump in.</li> </ul> <p>________________________________________________________________________________</p> <h3>Now The Summary </h3> <p>If i summarize all above assessment, then i came to conclusion that Bitshares is witnessing a exhaustion in its downtrend. Most of my assessment in this technical analysis is based on prediction and possible scenerio, but sometime its also necessary to think little out of woods, rather talking or thinking monotonically everytime. And, I must add that the chances of bounce back are rather high then going further low from current levels</p> <p>________________________________________________________________________________</p> <p><em>If you like my analysis do not forget to</em> <em><strong>upvote, follow, comment</strong></em><a href="https://steemit.com/@jimmyrai28"><em>@jimmyrai28</em></a><br> <em>if not then criticize, this also will be highly appreciated.</em></p> <p><em>You can also drop a comment in 'reply' if want you want me analyze any script of your choice.</em></p> <p>Now you can also find me on discord channel: <a href="https://discord.gg/VvHmhvH">https://discord.gg/VvHmhvH</a> </p> </html>
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