Crypto Analysis Spotlight 2017.12.21 – BitShares, price spike!

Price Spike in BTSBTC value

Previously I mentioned we are in the accumulation phase and recently there was quite a lot of volatility in the price the last two week. This has ended with a large increase in bitshares value.

I had seen many technical analysts indicate a long which has turned out correct. I mentioned I bought at 0.000013, but I had sold off 75% of my holding at 0.000024. I had honestly thought it would not go this high this fast.

On the daily I still cannot see a definitive change in volume to indicate a new trend. We are not in the accumulation phase, but we also do not seem to be in the phase of a new trend.

We can see above that the price has risen above my long-term price prediction, but with not volume to back this up, I cannot think this anything but temporary.

As I am unsure what is happening I will not do anything at this stage and wait.

Confirming the observation using the RSI

The RSI is currently 79 and which means that the stock is overbought and in for a drop. RSI is a helpful indicator which in this case I will use it as a recommendation not to buy.

The prediction

I mentioned last two times that a long is recommended. I currently recommend selling some of the position but keep some of it to hold. The upside has been too fast.

Till next time,
Tinus

** Images courtesy of tradingview.com