Drop in BTSBTC
There has been a large drop of 25% to 40% in bitshares / bitcoin value. This follows immediately after my sell recommendation given here. The volume confirms a continued downtrend.
I doubt another increase, unless volume spikes. It has tested my longterm trendline before and it is currently testing it again. If the line does not hold, more down is certain.
I would short only on the confirmed downtrend.
Confirming the observation using the RSI
The RSI is currently still 60 and which means that the stock is not overbought, but still higher than a neutral value. As before, RSI is a helpful indicator which in this case it is useful as a recommendation not to buy.
The prediction
I have recommend selling the position completely previously and would still recommend a sell at this time if you have not sold. I expect the downside to continue.
Till next time,
Tinus
** Images courtesy of tradingview.com
@boontjie Good post man, when do you think its ideal to buy ? I now switched to bitCNY and waiting to BTS to fall a little bit and then buy more ..what do you think about the strategy ?
Also do you believe in Haejin predictions ? (342 usd for 1 BTS)
Sorry for so many questions, but I like your posts :D
Hi, I would think it is ideal to buy when the price of bitshares increase on healthy volume and in a slightly more steady way, unless there is some huge announcement then it will simply go vertical. At that point you assess the news and make an opinion on whether it is likely to continue going up or will correct down.
I think buying BTS in small amounts as it drops is a solid strategy, that way you get into the game without the fear of missing out. It will still sting if you weren't all in, but it should sting somewhat less.
I don't really follow Haejin, it biases my analysis. I took a look at his posts now and he tends to cover himself. So he says it will go up, but talks about the MACD being toppish. So if he is wrong he can refer back to the MACD. It is a bit manipulative, if you don't know, you don't. If you are wrong, you are wrong. I don't feel we will ever see such a post from him.
Where is the 342 USD for 1 BTS? I would like to see his reasoning
@boontjie Hello, thanks for the reply. What do you feel after today little pump ?
Here is his prediction https://steemit.com/bitcoin/@haejin/bitshares-bts-long-term-forecast-usd342 Thanks man again for reply
Honestly, I am likely wrong, with today's little pump we have tested that upwards trending line in my images 3 times and stayed above it. This means it will probably start trending upwards. I plan to buy when it hits that line in future and sell 50% of my holding when it gets too high above and repeat.
I looked at Haejins logic and he has the same logic I have behind decentralised exchanges. I think 342 USD is slightly insane, but I also think it will be worths tens of dollars sometime in the future
I may do another analysis in a couple of days, there is no current indicators telling me which way BTS will go
Great analysis and great post i like your post dear thanks for sharing and keep it up dear..
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