BitShares Technical Analysis for 12/04/2015 – Head&Shoulders Pattern

BitShares was trading around the 0.0000086 area since the 26th of November. The market bounced from this level very decisively today. The 0.0000086 area has now acted as support about four different times, and also once as resistance, when price was trading under it on the 30th of November.

Bitshares-technical-analysis-Dec4

The 4-hour chart is also showing a very clear Head&Shoulders technical formation. This pattern is signaling that the market may be getting ready for another break north.

Bitshares-technical-analysis-Dec4-2

If price starts to rally over the next few days, there is another pivot level that may cause some problems. The 0.0000095 pivot zone – which I outlined in my prior BitShares technical analysis – is still very much in play. Today’s big rally stalled as soon as price penetrated above 0.0000095. If price manages to break above 0.0000095 – let’s say to 0.00001 – then this pivot zone will most likely turn into support once again, and a bull market will be very probable at that point.

Bitshares-technical-analysis-Dec4-3

 

Disclaimer:  This is not trading/investment advice!

Chart source: https://poloniex.com/exchange#btc_bts

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