BitShares Double Bottom Formation
Updated
It seems that BitShares has found the support, while forming a double bottom at $0.118. The following wave up resulted in a break above the downtrend trendline as well as 50 Moving Average.
There are to resistance levels to watch, first minor resistance is at $0.17, where the downtrend trendline was previously rejected. Second major resistance is at $38.2% Fibonacci retracement level. This should be the key price to provide further clues on the price development. Break above that resistanace could start a long term uptrend, while rejection should result in more consolidation.
On a downside, break and close below the $0.11 support should invalidate short term bullish outlook and send price slightly lower or just extend the consolidation.
There are to resistance levels to watch, first minor resistance is at $0.17, where the downtrend trendline was previously rejected. Second major resistance is at $38.2% Fibonacci retracement level. This should be the key price to provide further clues on the price development. Break above that resistanace could start a long term uptrend, while rejection should result in more consolidation.
On a downside, break and close below the $0.11 support should invalidate short term bullish outlook and send price slightly lower or just extend the consolidation.
Trade closed: target reached
Note
watch the previous resistance, at some point it might act as the support
📱 Telegram: t.me/Tradexcel
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.