BitShares started to downtrend about the middle of November of 2015, and it seems that price has managed to sneak slightly above that bear trend line in the last two days. The trend line looks broken, but the break doesn’t appear very convincing, so it may be a good idea to wait until tomorrow to see if price continues to trade higher and the break is confirmed.
There is also another reason to be cautious: the pivot zone at 0.000075. This level propped up the market quite a few times in December, therefore, this area has the potential to now act as resistance and may put the brakes on any potential rallies.
BitShares is now trading at a very critical juncture and it is evident that market pressure is building up. The 2-hour chart shows an ascending triangle formation, which confirms this fact! These types of formations have the habit of resolving themselves in a violent manner, so the price action over the next few days could get very exciting.
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_bts
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
Bitget officially launched pre-IPO access to OpenAI via its IPO Prime platform which deepens their…
Tether's presence in decentralized tech space is growing due to the launch of its developer…
While challenges remain, the decentralized finance sector is moving forward, and Huma Finance's exploit serves…
Chainlink is continuing its mission to be the most widely integrated infrastructure in crypto, adding…
A vulnerability in one of the core DeFi protocols on Sui Network exposes the ecosystem…
Polygon has made a big move in cementing its mission as one of the leading…