Bitshares TA for 12th October 2020 (The case of a round bottom)

[iamredbar]

Thanks for the write-up, it was insightful

[chigbolu]

In the past month bitshares has fallen from 0.033USD to 0.019USD approximately, about 48% loss in value, this drop is mostly attributed to the aftermath of the NBS fork as selloff continued. After the fork there were also rule changes to the use of bitassets, bitUSD and co on the DEX. BitUsd has been global setteled while bitCNY max supply and borrowing paramaters have been updated to limit borrowing, also forced settlement of bitEur was also disabled in attempt to improve borrowing of the asset. New bitassets with original parameters were also created during this time, these assets would carry the original design of bitassets and also would have little interference in terms of price feed manipulations etc.
Bitshares price is currently at 0.0198-0.02USD with low trade volumes which indicate that the selloff is over and bitshares is now in recovery mode, however the 0.02USD support line is now a resistance which may hold for a while before a new breakout to 0.022USD can occur both prices are currently key to a new uptrend. Bitshares should range between 0.022 and 0.018USD for the maintime until recovery is complete. the 0.018USD price is currently the strongest support for bitshares now and considered the bottom of the round curve. AN expanded curve could also form below this price at 0.013USD but hopefully with all the postive hype bitshares should hold up at 0.018USD.
Prices to watch
Uptrend 0.02USD, 0.022USD, 0.028USD
Downtrend 0.015USD and 0.013USD