Author Topic: Bitshares Technical Analysis thread  (Read 1116 times)

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Offline chigbolu

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Its been a while I wrote something reasonable as regards to Bitshares Technical Analysis, so I decided to do a little research into some of the fundamentals of Bitshares in terms on on chain demand and supply, NFTs and Liquidity Pools..

Firstly Bitshares is currently trading @ 0.057USD with support at 0.054-0.05USD and Resistance at 0.06-0.065USD. After a rise from 0.03USD bitshares seems about to form a new trend pattern although the uptrend may still continue but the 100% rise in price from July is pretty impressive. Hopefully we get more highs in the coming months. However any good price changes are dependent on the following factors:

1. Bitcoin: Bitshares is heavily dominated by this coin and part of its current rise in price is as a result of the strong uptrend of bitcoin in July. It is also clear too from the recent price dump this week where Bitcoin has also fallen from 50k to 46k.

2. Adoption: Despite the good news that Bitshares has adopted a new governance approach and the announcment of staking by the BTSMG group and also other news like liquidity pools and NFTs. Bitshares adoption is still stagnant. There has been no real change both in the wallet holders or trading volumes on the DEX. Infact it has been poor to be honest. Hopefully things change in that direction and more people come in.

3. DEX Trading:  Trading on the DEX is still difficult for new users, sometimes I find it difficult too, although there has been much improvements to the UI. However every now and then new users still complain of being scammed of huge sums of money by phising accounts and all manner of scammers from fake markets to fake addresses its still an easy place to lose money and if more work is not done to improve the UI, user adoption will still continue to be a problem. Coupled to this is the fact that there are only two recognised gateways left in XBTS.io and Gdex.io. Of the two XBTS.io is the most active and appears to currently boost the highest trade volumes. However for a blockchain that can be used as a DEX to create gateway tokens this is very poor and needs to change in the future if bitshares is to improve in price. WE NEED MORE GATEWAYS good ones.

4. Developers: From my own point of view Bitshares has very few developers working on it, I dont know if its the programming language or if developers just don't find the project interesting enough, which is appaling considering the amazing features that bitshares boasts. WE NEED MORE ACTIVE DEVELOPERS if this token is to go anywhere. Also most of the cool features of bitshares can only be accessed by the few developers we have, not that its bad though but this an area I feel needs some work, I personally feel that if more tutorial videos on bitshares-python is done or on how to setup bitshares core in windows or that kind of stuff, that bitshares will attract interest from developers especially those newbies like me too :), I also miss our telegram bots even pool tool we dont know what happened :(  ....

In general the fundamentals for bitshares are good as we now have a host of new features but more work needs to be done to get people to use it. The more people that see Bitshares DEX as useful to them, the more  the price will rise.

PRICE LOOK OUT as we approach September

UPTREND above $0.07 (Strong resistance @ 0.10USD)
RANGE $0.05-$0.06
DOWNTREND below $0.05 (strong support @ 0.042USD)

Finally from my research it will surprise you to know that only 17million BTS are locked in our liquidity pools that's about 0.58% of BTS total supply.
Also I discovered that most of the supply of bitshares are on centralised exchanges (talk about counter productivity) the very thing we dislike is what we are promoting by puting our bitshares in their hands. Although Binance offers us futures trading and High liquidity (currently about 5million USD   >:( >:() but cant we have those things right here on the DEX, yes we can and we should. Finally our top 100 richest wallets hold 68% of the total supply of Bitshares, not that its good or bad but most of it is either in exchanges or just lying dormant when they can be used for voting, staking, etc... Just saying and there is still another huge 950million Bitshares floating somewhere mmmmhhh.... Check here to see more data
https://fund.bitsharescrude.i.ng.....

Offline chigbolu

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https://www.tradingview.com/x/o3h8KIhA

V-shaped recovery, with neckline @ 0.043 - 0.047...

Offline chigbolu

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Offline chigbolu

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Possible double bottom formation
Current price to watch from this current position...
UPTREND: above 0.07USD
RANGE: 0.07-0.04USD
DOWNTREND: Below 0.04USD



Offline chigbolu

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CURRENT PRICE WATCH
UPTREND $0.16, $0.18, $0.2, $0.29
Range $0.15, $0.14, $0.12, $0.11
DOWNTREND $0.1, $0.087, $0.07, $0.063

On the weekly and daily bitshares is forming an expanding wedge with current top @ $0.164, it is currently falling to the middle of the wedge @ $0.1, hopefully it stays within this range for bearish selloffs, the monthly charts show a parabolic curve formation that has its current peak at $0.164 and bottom below $0.03. The daily and hourly charts show bearish movements towards $0.1.
Our support zones for the current short bear trend lies at 0.1-0.07USD, while our current resistance line sits @0.164USD.

Offline chigbolu

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This is thread where I'll be posting my monthly and daily TA for bitshares and other assets from now on... So... For the month of March bitshares has managed to improve it's position compared to last month and the new support line to look @ currently is 0.07USD.

On the weekly, bitshares seems to be escaping the rising wedge pattern I talked about last month, with a new ascending triangle pattern on the daily chart. It has two major higher lows currently with a possible third @ 0.07USD. The pattern may be invalidated below 0.0635USD but signs of a new downtrend will only begin to show from 0.05USD.

Price range may fall between 0.092USD upper and 0.0635USD lower due to bitshares volatility, but a tight range formation at current levels will show good health and hopefully catapult it's price to higher levels.
« Last Edit: May 24, 2021, 03:49:37 pm by chigbolu »