Correction completed?
As you might know the primary selling point of BitShares is the decentralized exchange which is the only one that is operating with volume right now and for years already. Some other banking services can be implemented on top of BitShares making use of the stable coins but so far these didn't pick up steam. The idea is that while there is a lot of potential regarding the stable coins, the hype topic of 2018 will be decentralized exchanges. A lot of them are in the makings but none of them will be really production ready for the start. In any case, BitShares should profit from the current broader developments as the whole sector grows.
That said compared to Bitcoin the last days have been sad for BitShares holders. We are flagging and lagging behind the market recovery here for the time being. Looking at the price action relative to Bitcoin it's interesting to note that the lower edge of the falling wedge holds and if we count the touchpoints we can see that the next move up usually is the last one before breaking the wedge if we see a continuation to the upside.
Wedges are a sign of indecision. The momentum goes lower, the Bollinger bands compress, we are going sideways for some time and this basically means that everyone trades the range and we are awaiting a move that is coming up. The important thing to notice is that this move can go both ways and we only know in which direction once the breakout appears.
Odds favor a break to the upside with a immediate target about 6000-8000 satoshis.
That said compared to Bitcoin the last days have been sad for BitShares holders. We are flagging and lagging behind the market recovery here for the time being. Looking at the price action relative to Bitcoin it's interesting to note that the lower edge of the falling wedge holds and if we count the touchpoints we can see that the next move up usually is the last one before breaking the wedge if we see a continuation to the upside.
Wedges are a sign of indecision. The momentum goes lower, the Bollinger bands compress, we are going sideways for some time and this basically means that everyone trades the range and we are awaiting a move that is coming up. The important thing to notice is that this move can go both ways and we only know in which direction once the breakout appears.
Odds favor a break to the upside with a immediate target about 6000-8000 satoshis.
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