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.
Komen
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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.
Komen
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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!
Komen
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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:
Komen
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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.
Komen
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So it looks like we weren't able to break out of the pennant, which means my count is most likely off.
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 things don't look great for it, which will most likely impact the entire crypto market.
Komen
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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 ;)
Komen
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That escalated quickly!
We are super close to realising the $0.97 target for wave 1!
This pattern plays out across all the crypto currencies including BTC. It's part of the fomo / fud life cycle.
I believe BTS (and DEX's more generally) will become power houses in the future. Who wants a centralized exchange that can be hacked, shut down and regulated?
aNoobwithAdream
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Hi when do you think a good time to buy in is?
crimsonronin
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@aNoobwithAdream, depends what you are buying for; an investment (which means a long term hold), or a shorter term trade (which means you will set stop losses and profit targets)?
Long term, I think bitshares is going to be fantastic. I believe at the very least, all crypto exchanges will become decentralized, and there's a possibility that even traditional exchanges will too.
For a short term trade, I outlined the setup above including stop losses and profit targets. I can't tell you with certainty this will happen, nor can I provide financial advice. It's up to you my man!
aNoobwithAdream
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@crimsonr, im going to study terms like stop losses etc. because im new. but i did put money on it right now and will pull out if it goes to .40 instead of up? is it ok that i put in money right now? i understand completely that you cant provide financial advice but guess what? your guess is better than mine!
crimsonronin
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@aNoobwithAdream, The best piece of advice I can offer is this: When you are short term trading you want to minimize the amount you lose if your analysis is wrong. This begs the question; how do you know when you are "wrong". This is always a hard question to answer, but given the shape above, in my opinion, this analysis is most likely invalidated if the price dips below $0.40. That's not to say it won't turn around the next day and go to $0.60, but it's a matter of probabilities and risk tolerance.
To give you some idea if it is a good idea to buy or not; I have been long on BTS since it bottomed out at $0.06 (as noted by the cup and handle charts above), I also added more to my position at $0.11 and $0.30. I will most likely hold even if it dips below $0.40 (because A: my average is much lower, and B: because I think it will go higher over the long term).
This isn't an exact science, and everything that can go wrong, does, so just minimize your risk, don't over leverage and set profit targets.