Bitshares price discussion

[Tuck Fheman]

BitShares woke up with a raging boner for m00nville this morning.

For more in depth BitShares analysis you can't find anywhere else ...

[tbone]

I agree that the pennant shown in your chart will resolve in the next day or two.  Below is my version.  Considering the fundamentals and the fact that we're in a strong, new uptrend, my guess is that this pattern will resolve UP (perhaps along the line of my original blue breakout arrow).  This guess is bolstered by the fact that we have hidden bullish RSI divergence (see dashed orange lines).  Also, pennants tend to be continuation patterns, which means continuing in the same direction that led into the pennant.  Pennants also indicate potential size of the move once the breakout occurs.  Often the size of the breakout is equal to the size of the move leading into the pennant (see the 2 vertical arrows).  Interestingly, this projection matches up almost perfectly with the 161.8 fib extension that I alluded to in my last post.  Based on this, my best guess is that the next leg up will take us to the 3900 range.   

P.S.  There's always the possibility that we could have a false breakout to the downside before moving up.  If this happens, there's a good chance we will bounce off one of the lower fib lines discussed previously.



https://www.coinigy.com/assets/img/charts/560a24fc.png

The downtrend that started on the 21st is meeting the uptrend that started on the 24th. These two waves will resolve in either direction by October 30th. I have no idea which direction it will move, but certainly by Wednesday or Thursday we should see some more dramatic movement.  My two bts.

[kenCode]

The downtrend that started on the 21st is meeting the uptrend that started on the 24th. These two waves will resolve in either direction by October 30th. I have no idea which direction it will move, but certainly by Wednesday or Thursday we should see some more dramatic movement.  My two bts.

I think it'll move in the direction of the quality of the 2.0 wallets (Graphene, Moonstone and Limewallet)..

[jsidhu]

The downtrend that started on the 21st is meeting the uptrend that started on the 24th. These two waves will resolve in either direction by October 30th. I have no idea which direction it will move, but certainly by Wednesday or Thursday we should see some more dramatic movement.  My two bts.

[lil_jay890]

Only 10 btcs of sells back to 2700, and a 16 btc buywall in pale at 2600.  The low is in guys!

I have almost no idea what all this means, but I love reading the play by play commentary so cheers for doing this Ander.

He hàs developed quite the following around here

[werneo]

The downtrend that started on the 21st is meeting the uptrend that started on the 24th. These two waves will resolve in either direction by the 30th. I have no idea which direction it will move, but certainly by Wednesday or Thursday we should see some more dramatic movement.  My two bts.

[Permie]

Only 10 btcs of sells back to 2700, and a 16 btc buywall in pale at 2600.  The low is in guys!

I have almost no idea what all this means, but I love reading the play by play commentary so cheers for doing this Ander.

[Ander]

Only 10 btcs of sells back to 2700, and a 16 btc buywall in pale at 2600.  The low is in guys!

[Tuck Fheman]

When did the 2200 shorting guy place that bet?

[Ander]

Oh well, shouldve waited for 2400 instead of 2600, but in the end it wont be a big deal.

Instead of 'bounce between 2400 and 2600' we are moving between 2400 and 2800.  Until we break higher again for the next move up.
More important to not miss the rise.

[tbone]

Deviated a bit, but perhaps on track again?  We're getting a nice bounce right above the 50% fib of the move from 1700-3100.  Actually, we bounced right on the 38.2% fib (heavier dashed line) of the larger move from 1400-3100. 

Notice that I added to the original chart the 3 most relevant fib lines from the larger move, excluding the other levels to keep the chart from getting too cluttered.  Just keep in mind that those heavier dashed lines are fib retracement levels for the larger move from 1400-3100. 

In any event, hopefully it's up from here, although we may bounce around a bit first.  It also should not be surprising at all to see further retracement to any of the next 2 lower fib levels of both the 1700-3100 and the 1400-3100 moves. Interestingly, these 2 next levels down line up almost dead on (i.e. 61.8% of smaller move lines up with 50% of larger move, and 76.4% of smaller move lines up with 61.8% of larger move.).  While these levels are certainly possible, each successively lower level is increasingly less likely.  And if visited, I will personally consider each of them opportunities to increase my position further (I have been buying constantly since May and have not sold even a single BTS along the way).

-----

P.S.  You may have noticed that the 2nd chart has the 100% level at the top while the 1st and 3rd charts have the 100% level at the bottom.  That's because I often reverse the fib levels to look at the fib extensions to help predict where we might be headed after we break above the recent highs...and I forgot to unreverse it before posting the 2nd chart a few days ago.  Maybe I'll have time to post a new chart showing those fib extensions at some point. 




https://www.coinigy.com/assets/img/charts/560945a7.png

So far so good.   



https://www.coinigy.com/assets/img/charts/5605455b.png

I don't think we've put in the low for this correction.  My guess is that we'll see a 50% retracement, which would take us to about 2400.  Then we'll bounce around between 50% and the 38.2% fib line for 3-4 days before taking off to around 3900.  Something like this:



https://www.coinigy.com/s/i/560354f9/

[kenCode]

This actually would be a nice business opportunity for tax attorneys that know how to automatically derive your tax from the BTS account name .. just saying

  If all goes well, our work with Winheller(.com) will bring this kind of service to all Bitshares account holders. Before the 13th, I am meeting with them about this and a number of other benefits for them/us.

If they need technical advice, just head them my way .. as usual

  Thank you xeroc

[xeroc]

This actually would be a nice business opportunity for tax attorneys that know how to automatically derive your tax from the BTS account name .. just saying

  If all goes well, our work with Winheller(.com) will bring this kind of service to all Bitshares account holders. Before the 13th, I am meeting with them about this and a number of other benefits for them/us.

If they need technical advice, just head them my way .. as usual

[kenCode]

This actually would be a nice business opportunity for tax attorneys that know how to automatically derive your tax from the BTS account name .. just saying

  If all goes well, our work with Winheller(.com) will bring this kind of service to all Bitshares account holders. Before the 13th, I am meeting with them about this and a number of other benefits for them/us.

[xeroc]

Has anyone doing short term trading considered tax implications?  Do you think you have to pay short term gains on BTS/BTC trades?  If thats the way it works it may be an accounting nightmare.

Do you have a capital gains allowance in the US?

We have short term and long term capital gains... anything held over a year is long term.  Long term is substantially less percentage than short.

What I'm wondering is about making trades in the crypto world.  Are all crypto's considered the same, and you just take taxes out after you convert back to fiat no matter how many cross crypto trades you had during that time?

I read up somewhere that the IRS have already made a ruling that swapping from one crypto currency to another is considered a "taxable event", so no you have to keep a record every time you make a crypto trade, or else you go to the slammer.

Some here have theorized that trading inside the BitShares blockchain wouldnt be a taxable event, but to me that sounds like wishful thinking. In the UK however gambling is not taxable, so I think you could argue that trading inside BTS is like gambling.

/not an expert

In BTS2 you will never lose your trading history .. hence, for your taxaction you can than simply take a look at your history and do your math ..
Remark: This actually would be a nice business opportunity for tax attorneys that know how to automatically derive your tax from the BTS account name .. just saying