BitShares - The End Of Correction?
BitShares fell down to 3k satoshi support after reaching the high at 6.6k satoshi in January, while the decline resulted in over a 60% loss to Bitcoin. The strong support was found at 61.8% Fibonacci retracement level, that price failed to break and close below, although spikes lower have been the case.
From 3k support, the price went back up to 4.7k resistance and once again moved down to the 3k support. Currently, BTS/BTC could be forming a double bottom around the support area, which is now also confirmed by the 4/1 Gann Fan trendline as well as the 200 Moving Average which is being rejected yet again.
There is also a possibility that consolidation will take place and price will range between 2.3 and 3k satoshi, nevertheless with the given facts, it looks like the correction is coming to an end.
From 3k support, the price went back up to 4.7k resistance and once again moved down to the 3k support. Currently, BTS/BTC could be forming a double bottom around the support area, which is now also confirmed by the 4/1 Gann Fan trendline as well as the 200 Moving Average which is being rejected yet again.
There is also a possibility that consolidation will take place and price will range between 2.3 and 3k satoshi, nevertheless with the given facts, it looks like the correction is coming to an end.
Commentaire:
BitShares at the GannFann trendline support, could reverse to the upside now if support holds