BitShares Or Bitcoin?
Although BitShares has struggled to gain momentum over Bitcoin during the last week, it still has that potential to outperform the Bitcoin.
There has been the support established at 950 satoshi, and while BTS/BTC has shown higher highs and higher lows pattern, on a corrective wave down the 950 support has not been broken and in fact today it is being rejected.
The 950 satoshi support is confirmed by the 76.4% Fibonacci retracement and the lower trendline of the extended ascending channel, both of which are also being rejected.
Clearly, BitShare facing a strong support and while it holds, the upside potential remains. BitShares could go to the previously established high at 1800 satoshi and if/when broken next target would become 161.8% Fibonacci retracement level at 2355 satoshi. Break above 161.8% would give more momentum for BitShars and could establish a longer-term uptrend. Only a daily close below 860 satoshi could invalidate bullish outlook and send BitShares lower.