One of the ‘hidden gems’ you may have missed out on BiKi Exchange page is none other than…BitShares(BTS)! An ingenious protocol created with the goal of functioning as a software, a network, a ledger, a bank, an exchange, and a currency all at once! To study in-depth of the uniqueness of this project, do check out the full explanations here.
And one of the reasons why your humble Technical Analyst have brought this token to your attention is because the market has finally spoken, the skies have cleared and the light at the end of the tunnel shines bright, revealing this golden opportunity to trade it.
Alright alright, enough with the melodrama, lets dive in to the fundamentals AND the technicals that you all have been waiting for…
BITSHARES 4.0 MAINNET ACTIVATION!
As you may or may not know, BitShares will be activating ver4.0 of it’s Mainnet tomorrow. We have seen no shortage of postponement when it comes to projects releasing their upgraded versions of their protocol, but what makes this particular upgrade stand out from the rest? The answer, perpetual sustainability. One of the key upgrades the BitShares community has been looking forward to is increase the Mainnet income while remaining competitive as a DEX, going up against the likes of self-sufficient juggernauts like UniSwap. This incoming-protocol address the issue of raising income without increasing overall fees! A commendable feat. Do check out their release notes to find out more about the other improvements and problems addressed here.
- It is very clear that price has broken out upwards from the triangle as well as re-tested and rejected off the upper descending trend-line.
- Double bottom has been formed, which confluences with the Fibonacci zone. (Fibo drawn this way because it is the latest wave that has yet to be completed since the triangle was formed, i.e. reached -27.2 extension level)
- 17 EMA well above the 50 EMA, indicating strong bullish momentum.
- Price has successfully made a higher high beyond the ones set before and after the breakout. (around level 0.0258)
- Rejection point also confluences with the 17 EMA.
Looking at it more closely on the H4, we can start to uncover more opportunities:
- Drawing out the minor support-turned-resistance zone formed since 27th June, we observe that there have been multiple rejections from this zone leading up to this breakout, once again reinforcing that it is a crucial zone to look out for.
- 17&50 EMAs remain bullish.
- With all the evidence pointing towards a bullish takeover (in both fundamentals and technicals) it becomes only a matter of finding the entry & exit points, as well as implementing the proper risk-management procedure.
- Going down to H1 and using our line-chart technique, we can accurately pinpoint the exact level where price had most recently struggled to break, which is repeatedly shown to be 0.0258.
Now that we have found entry, how about the exit? Not everyone’s a hodler you know!! The answer, lies on the larger timeframe…
Some of you may have already guessed it if you’re a loyal BiKinSights fan, TP would be right around the -27.2 extension on Daily, which is around 0.0288 level.
This is what I will be expecting to see, a retest on the crucial zone followed by a strong rally upwards to TP area. Please apply strict risk management and never risk more than 2% of your entire capital, while ensuring a minimum risk:reward of 1:3.
So what are you waiting for?! Trade BTS now: bit.ly/trade_BTS
**Do take note that if you are considering to enter with a large buy limit position, take into account the possibility of your orders not being completely filled at the exact level of 0.0258. There have been countless occasions where my entry levels are extremely accurate, but the orders are not completely filled due to the lack of sellers at that particular level. For myself, I practice putting the buy/sell limits just slightly above/below the target level. (for eg. 0.0259 or 0.0260)
Disclaimer: The above does not constitute as investment advice. Do note that trading cryptocurrencies (or any other financial market) involves substantial risk, and there will be a potential for loss. Your trading results may vary. Please practice the proper risk management to avoid risks of approaching account zeroing and liquidation.