$BTS #Bitshares - CUP & HANDLE - Entering the rockets!!! Hello Lads and Ladies,
Toady we are taking a look at Bitshares - BTSBTC. On the daily chart it seems tobe forming a huge cup and handle formation. We are going to take a look at what is happening and what possibilities are there for BTSBTC.
Basically, as every other coin in this space BTSBTC has seen a humungous push in December of last year. Taking this push into consideration we apply the fibonacci retracement. These lines of retracement have been respected very well throughout the whole period of time. As well as the middle in between of each of these lines have been playing a major role as supports and resistances.
The starting point of the neckline is the beginning of February, when BTSBTC started a very heavy downtrend falling from 4000 satoshi all the way down to 1500 satoshi, where it has found its key support.
Hitting this key support 3 times, it has started a beautiful rise up towards and over the 4000 satoshi line making almost 150% gains.
Of course after such a huge push there has to be a health pullback which we are experiencing right now. Looking the chart formation pullback is the handle of the cup and handle formation and has been extended unnecessary due to the whole market taking a blood bath lately. It is very likely that it will continue to the 78.6% fibs line, since it is very near to it and would have a beautiful level of support from where it could make a big bounce and leave the handle and with start rocketing above the previous high of 4000 satoshi and also targeting the 6525 satoshi line.
Taking a closer look at it we have to consider a second more bearish scenario because of the extended handle, which was failed to be left at the 61.8% fibs line. Based on that we have to see a big scale bounce to at least the 61.8% fibs line staring from the 78.6% fibs line. Otherwise, we will most likely see BTSBTC heading towards the key support of 1500 satoshi line, where it will most likely make a very huge bounce.
Looking at the RSI I personally believe at a the bullish scenario after coming to the 78.6% fibs line. RSI is right now at around 45 points and would be in the 20 point area if it came down to the 78.6% fibs line pretty soon, from where it would have the best position to start the anticipated huge push that we are looking for.
Anyhow, during the push I see it breaking the 61.8% fibs line, coming back to it and then continuing the push towards and above the 4000 satoshi line.
Like and Follow me and you will find this page interesting because I am a TA expert and day trader that does daily updates and new posts about the hottest and most discussed coins.
Fell free to request TA for ANY coin you are interested in!!!
Cheers, Tomas
