It’s being a long time since I last speak about BITSHARES and I think it deserves a following up post… also because seems to me that BITSHARES has bottomed already a few weeks ago according to the daily chart I show you below:
According to this chart, BTS touched its lowest point by the end of November last year… Actually, it did touch the bottom twice, the second time the end of January this year.
What is most interesting to see is that, even if BTS touched twice the same ground, the RSI indicator marked a prominent DIVERGENCE, which is a clear signal of Bulls willing to go back to the market.
From that bottom of January, BITSHARES has been growing naturally, slowly but surely, tracing another interesting pattern that, despite being a “shy” one, also may indicate the bottom was done. This is an “inverted Head and Shoulders” pattern, as I said, shy one…
This pattern, if triggered by breaking the “neckline” currently at 0.054 USD could accelerate the price action, bringing BTS back to the 0.071 USD level, on which the 200 Days Moving Average is now, “dancing”…
My Elliot Waves Projection:
I would play with 2 scenarios basically, the first will be a Typical one, the second a more bullish an explosive…
1st and 2nd wave completed, iHS triggered and 3rd wave scaling 1.618 times the height of the 1st wave, coinciding with the projection of the iHS:
Target for the 3rd wave: 0.08 USD
– Less Typical and more explosive:
The same, 1st and 2nd completed, and as reminded me by colleague @bert0 taking into account the possible deployment and consequent initiation of the BEOS blockchain , launching as well its “Rain Drops”:
To understand this project I invite you to read @stan Larimer post: https://steemit.com/bitshares/@stan/beos-technical-white-paper
This deployment seems to be performed in the coming weeks, despite no one know exactly when but everything seem indicate that it would be very soon.
In this case, as I said, I would bet for that the height of the 3rd wave may reach 2.618 FIBO level or times the height of the 1st wave.
Target for the 3rd wave: 0.105 USD (100% profit from today’s price)…
…and that would be only the third… there will be a 4th and a 5th completing the 1st cycle of the reversed market which, according to the projections of the 50 and 200 Day Moving Average are right now planned by the end of April if BEOS is not appearing earlier :-)…
In any case, good times ahead for BITSHARES!
P.S. Thanks to @bert0 for reminding me about BEOS Rain Drops.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.