Long

BTS (Bitshares) first stop is ~$0.97!

Updated

has had a classic crypto life thus far:

Quick rise and quicker fall at the beginning
A long drawn out consolidation period
Then an even bigger rise and fall
Followed by yet another long consolidation period
Which formed a nice cup and handle
Into another rise; bigger than the previous
And repeat....

Right now, we have almost completed a nice ABCDE correction in the handle of the cup. And we should now look for a breakout above the top of the triangle or roughly ~$0.63.

My target for wave 1 is: ~$0.97, but the target for the full 5 waves is ~$3.

Set stops between $0.40- $0.50. I wouldn't normally give a range this large, however the daily price movement on bts can be quite significant.

Note

As I mentioned, bts can have a mighty big daily range, which is why I suggested lower than normal stops. If you had your stops at $0.40 you are still in the game, and looking better than ever.

BTS often follows BTC sentiment, which is why, despite BTS looking bullish, as soon as BTC turned down, BTS followed.

I've updated the chart to account for the lower E wave -- which sits nicely on the 0.236 fib line. The RSI looks primed for a big price move on both the 4hr and 1D.

Note

I just want to remind everyone of the bigger perspective here:

I charted BTSUSD 1 month ago:

This is BTSUSD now:

And this is BTSBTC now!!!:

Bitshares could be a monster!

Note

We are nearing the top of the symmetrical triangle. This will be the real test if we can turn this into another 5 wave impulse:

Note

Just wanted to add one more potentially bullish sign for BTS;

As you can see, the previous "handle" from the cup and handle formation seemed to consolidate sideways with large daily price swings. Right now we are seeing the same thing, albeit on a much larger scale.

Couple that with Stoch RSI about to cross in the oversold area and we have a decent indication that this should turn very bullish.

Note

So it looks like we weren't able to break out of the pennant, which means my count is most likely off.

The grandmaster of EW, Haejin, posted a similar count here (steemit.com/bitcoin/@haejin/bitshares-bts-is-following-the-prescribed-a-b-c-d-e-pathway-pretty-well) but shifted slightly across. Here is his count super imposed on mine:

The 4hr RSI would agree as well.

Note

As has been mentioned in several places, including by Haejin, the pattern has morphed into an ascending right triangle:

The 4HR RSI does suggest there would be some more down side, which didn't come to fruition yesterday, however it is well and truly in the overbought area now.

Again, we have to watch papa bear BTC very closely. As I posted in

$Correction fractals between BTC and ETH across time$

things don't look great for it, which will most likely impact the entire crypto market.

Note

Although we had to modify our outlook half way through (which is usually the nature of any TA), the general sentiment was correct.

BTS has now broken strongly to the upside and we should hopefully see it hit $0.97 relatively soon.

Still keep an eye out for papi BTC ;)

Note

That escalated quickly!

We are super close to realising the $0.97 target for wave 1!

crimsonronin

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