Community post
Bitshares VS Bitcoin: bearish short-term ?
Today Bitcoin broke above its falling wedge, a bullish reversal pattern, although I'd like a good volume for confirmation:
Historically, when Bitcoin rally, its dominance over altcoins increase, and cause the laters to drop sometimes considerably.
Only then, they start pumping like crazy.
The BTS/BTC chart shows a rising wedge, a bearish pattern, while possibly being in the re-distribution phase of a Wyckoff cycle.
There is a surprising number of resistances here:
- The 38.2% Fib. level
- The daily MA-30
- The trend-line of the rising wedge
My current strategy is to sell BTS for BTC if a clear break-out of the wedge's bottom happen. Then buy back at levels marked by white-dotted lines.
Legal disclaimer: Sue me if you lose. I will go to jail and give you my money. I am responsible for what you do. By reading the article, you did accept to comment, vote, and resteem it.
Replies (40)
Very good information @toucancrypto,
I think this is a good strategy to sell BTS to buy Bitcoin,
I am optimistic this will be profitable ..
Congratulation toucancrypto! Your post has appeared on the hot page after 13min with 9 votes.
I do not understand in reading the movement of traffic, and also BTS,
When do you think Bitcoin will increase again?
a very good post @toucancrypto, talking about Bitcoin, I've read from some articles of people, they say that Bitcoin price will rise to 100% in 2018. How do you think? Will it happen?
I think it's time to buy Bitcoin. thank you..
Bitcoin increase up to 19 k when whales enter the market ...
Good information but i think that bitcoin will increase up to 20 k when whales back again and make market waves
I love the disclaimer. I always thought bitshares was a generic bitcoin. Is that not right?
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Bitshares is the most used decentralized exchange of the moment. It uses a graphene blockchain, same as steem. Therefore it has very fast transactions with low fess.
You can try it live here.
It's possible that bitcoin reach its ATH in a few months, yes.
Thanks for computing my profits. The curation system is always boring to calculate.
It doesn't sound crazy, it has grew a lot more than this in 2017.
Optimism is good 😉
At this moment it looks very good. But it needs more volume.
Do you suggest bitshares?
😀
Thank you for the updating sir @toucancrypto. I pray btc should skyrocket before ending of this month. So that people can fully come on market. How are you doing.
Great article, resteemed. We caught some bullish action today. Flipped some status network.
Bitshares and bitcoin to recover this week.
Yes, it's way more secure than exchanges in unstable jurisdictions that can suddenly block your money for no logic reasons.
And a blockchain cannot be hacked.
And eventually, it will reach a new ATH 😉
On the 1H chart bitcoin looks great, it's the first time the RSI goes above 70, since the 3th May (just before it went to 10k$)
Thanks, I’m all in
,>Bitcoin prices will be reduced so that no one ever thought, you think bitshares can keep the market. @toucancrypto
Bitcoin is currently trading on a zone that has causes some resistance previously, if we can break above this region we will see a strong push towards the $8,780 level.
The pump paused before the RSI rising 70. It's sign of weakness.
short term bearish and very bullish long term
Finally someone comparing Alts to btc instead of USD. Why do analysts insist on comparing Alts to USD when you need to nuybin (in most cases) using Btc!
What other indicators do you consider apart from RSI when making technical analysis?
bitshares now has a number of exchanges created on top of it, like openledger and cryptobridge. interesting to see how this will play out
I am running an experiment here on steemit with the aim of improving retention and the steemit experience and after looking at your account I think it is something you might enjoy. come on over and join in on the discussion
https://steemit.com/steemit/@paulag/let-s-grow-steemit-together-direct-engagement-experiment-week-1
You are very welcome. Yes, curation is difficult to grab all the elements manually, so I'm very glad to be able to provide useful information.
I’m also bullish for Bts at long term. I really like the idea of a decentralized exchange.
I think the same.
If BTC is bullish, your goal is to make higher gains than it, therefore why comparing with bitcoin.
I like to use it 😀
Because virtually every alt is traded against btc not against the USD. People use this to hide when Alts have dropped. If btc goes up by 10% and Alt A goes up by 5% against the USS it looks bullish, but in reality it is btc pulling up Alt A and Alt A has actually lost value against btc.
Just holding the btc is always an option (and usually the better option) so comparison with btc makes much more sense.
Interesting experiment !
I use the volume, rsi, chart patterns, experience and intuition .
Most of indicators are nothing more than a different way to see the price, as they derive from OCHL values (and eventually volume & spread).
Use the ones you are comfortable with.
Yeah we just need to get on the other side of this bear market! I won't sell either!!
Very good about cryptocurrency
Thank you dear @toucancryptyo
Nice post birdy, check out my blog too @lightreflections !