One of my follower recently struck in This Cryptocurrency name Bitshares, so today I am going to do analysis on BITSHARES.
Bithsares has been trading in euphoric level. If i draw your attention on chart below you can notice that it had been traded in 1 Satoshi till earlier part of May but then it gave its first breakout marked in blue arrow in chart from Support 3 which was resistance before and after this breakout it shoot up and then next day come down to check support which was resistance before, consolidated few days there at support area then again went up, gave breakout but that proved to be false breakout out (which I marked in circle) later. Then after some consolidation and testing patience of both bears and bull, it finally given a breakout from resistance which is now marked as blue arrow from Support 1 below in chart. This breakout has happened on day before yesterday and man this script has given just rocket moves after breakout.
This is a time when most of trader got themselves in this script and found themselves in wrong footings after because as one can clearly notice how this script went from 4 Satoshi to 17.5 Satoshi ,that is whopping four time. And I must add here it is in bubble zone and it will correct and will test its support; at least trendline support which is yellow line in chart below if not horizontal Support 1.
So, getting here with new buy position is clearly not advisable and must wait for some cooling of euphoria in this script. And any recent buying position if made is clearly a mistake and one must be prepared to see dip in there value of investment.
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Please note:- Satoshi is the smallest fraction of a Bitcoin that can currently be sent: 0.00000001 BTC, that is, a hundredth of a millionth BTC. In the future, however, the protocol may be updated to allow further subdivisions, should they be needed.
(This info is in courtesy of Google search)