Long

Bitshares starring in CUP-CEPTION - Target: 16000 SATS!

Updated

Bitshares has been a juggernaut ever since it hit rock bottom in October due to being delisted from Bittrex. In two short months Bitshares has gone from a low of roughly $0.045 to a whopping $0.80 as of writing! That's a gain of ~1700%!!

So where will Bitshares go from here? Well, it's already completed a cup and handle on and broken out of an ABCDE correction as we explored in

This also coincided with the completion of a cup and handle on the pair. However, there is also a much bigger cup and handle in play which will see Bitshares rocket to at least 16000 satoshis, if not to 18000!

This is going to be one hell of a ride!

Note

I believe we are going through a small ABCDE correction (which crypto's just love to do!).

What I have noticed however, is that during a bull run, many crypto's impatiently bust out of this correction at D. So dont be surprised if we start impulsing up again out of D.

Now, we should always look for an alternative: There is still a possibility that this is an ABC correction, which may end up going lower. Something like this:

Either way, once this correction is done, we will head higher in my opinion!

Note

So it seems the ABCDE correction is the one that has worked out:

It's making it's way to E now, then I expect an impulse out of the triangle to around 6500 - 7500 sats, then potentially a retest of the triangle for support before it goes to around 9500 sats over the next week or so.

Note

One other interesting observation (which could be way off.... but I'll throw it out there) is that I belive BTC just spilled out of a rising wedge:

Note

(sorry that was an incomplete comment and I cant edit it ^)

Here's BTC rising wedge and also BTS vs BTC.

The timing lines up nicely to see BTC go down vs USD, while BTC maintain it's USD value, thus pushing it higher vs BTC.

BTC loves to do the opposite of my charts, so let's see what happens.

Note

(I wish I could edit comments!!!)

I meant: The timing lines up nicely to see BTC go down vs USD, while BTS maintains it's USD value, thus pushing it higher vs BTC.

Note

My above comment "BTC loves to do the opposite of my charts, so let's see what happens." came to fruition.... If you see my BTC charts in the future, just do the opposite and you should be fine ;)

So it could still be an ABCDE correction, just adjusting the down side a little more:

OR we could be back in ABC territory:

It could also be an expanded flat correction, but that is my tertiary count at this stage.

Note

Not a great deal has changed in the last ~20 hours at the macro level:

The RSI on the 4hr is well and truly in the oversold area. It's also crossed and starting to turn up.

Although BTS vs BTC has dipped, the USD price has remained _relatively_ stable due to BTC's increase vs USD.

My next update will only be if we have broken out of the pennant (either up or down), as there's no point revisiting the same content over and over.

Note

Hi all, apologies for the delayed update (I should have posted this yesterday).

So it looks like we are absolutely in an ABC correction now, instead of the ABCDE considered above. It was a possibility I outlined in an earlier update to keep an eye on.

BTS is still in phase with BTC, so it's always important to watch BTC's movements when considering your BTS (and alt coin) positions.

This is also mirrored in the BTS vs USD chart as well:

Corrections are a normal part of a market. I still believe BTS will move higher against BTC once this correction has completed, but we have to continue to be aware of all possibilities to ensure we aren't caught off guard.

Note

So we are definitely going through an ABC correction. It's unfortunate that papi BTC has exacerbated the problem, but it's something we mentioned above as a possibility.

I want to highlight something I just noticed, and that should have alerted me a little sooner, and that's the presence of another cup:

This is currently making another larger handle.

I am thinking we are at about the end of the correction, but due to the sell off in BTC, we may head even lower as people try to stop the bleeding and get out into USD. If we do head lower, the next support is at the 0.786 fib, or 2k sats.

I'll keep checking in over the next few days with updates.

Note

If you saw my BTC post from a couple of days ago you'd know that we were in for some hurt in BTC; which means hurt across the entire cryptoshere:

BTC; The bull forest from the bear trees!

Now, I've seen a similar wedge in BTSBTC, which broke down. This is really concerning given the potential projected target:

Please keep an eye on this, because although I believe BTS will be mega long term, there may be a better opportunity to buy lower.

crimsonronin

Related publications

BTS (Bitshares) first stop is ~$0.97!

by crimsonronin

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.