BTS/USD: BitShares Bullish Potential

in #bitshares6 years ago (edited)

Spent some time with the BTS chart today, after seeing it holding up relatively well compared to others. While it is very possible we see one more low, there is a bullish potential to this as well.

So what we have here in the purple count is a potential leading diagonal, followed by an A=C correction and another five waves up. Currently price is at a decision point - the 0.618 retracement wave (i). This structure can be considered "fragile", as diagonals are hard to rely on. But there is support for the bullish count, so this could be one to watch.

The purple count invalidates if price goes below white circle iii, but you can treat that as a buying opportunity. :)

btsusd.png

Also: When in doubt, zoom out! Here's the longer term chart, and the reason why I have been scaling in recently (and also modestly trying out the BitShares margin):