BitShares is reaching the apex of the larger wedge its been operating in for the last 8 months. This suggests a larger move may be coming.
Zooming in on the 4 hour chart, we can see price has been rising along an ascending support line. It’s approaching a very strong $0.12 resistance, as well as the descending resistance of the larger wedge. Either the support or resistance will break in the next few days.
If price breaks down, I believe it’ll find support at about $0.10. Looking up, there’s a small supply zone (resistance) between $0.128 and $0.131. If price breaks up, I believe it’ll initially consolidate in this area.
Looking at the 1 day chart, we see price dropped below the 21 day EMA and is finding support on the 8 day EMA. The 8 day EMA needs to hold, in my opinion, to remain bullish.
In today’s video analysis, I discuss price movement in the short term, possible trade entry points, traps to avoid and MUCH more information not found above.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Neutral
Longterm: Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
