An overall picture of BTS from a point and figure perspective:
Like most cryptos, we saw a substantial loss of value over the month of March. This perspective shows consistent pressure towards the downside with a sinister red Ichimoku cloud blocking our chances of breaking through into a bull run.
A closer look at the situation today:
Interesting stuff is happening this weekend! BTC has seemingly double bottomed and so has BTS, however, this is not guaranteed. If the price action follows the red arrow then we will see the development of a quad bottom, and with the strong resistance above that does not bode well for future bull ambitions. However, historically when we have diverged from the Ichimoku cloud like this strong signals in the direction of the trend turn into traps! I will keep watch for a bear trap and let you guys know HERE on my trading view idea.
Whats going on with BTSBTC?
The spread triple bottom formation I pointed out earlier has seemingly stalled. The price action has not broken through the bull trend line from the previous low which is a good sign - even though the bears are out for blood there are plenty of bulls standing their ground! We seem to have formed this sideways action which only adds to the uncertainty of what could happen next. I have no doubt the charts are presenting signals like this because the current market is unsure whether BTC has bottomed or if this will just be another bull trap and BTC will drag down Alts on its plunge down to $5000 and below.
Let me know what you guys think! I am interested in your perspective.