BitShares Double Bottom Formation

It seems that BitShares has found the support, while forming a double bottom at $0.118. The following wave up resulted in a break above the downtrend trendline as well as 50 Moving Average.

There are to resistance levels to watch, first minor resistance is at $0.17, where the downtrend trendline was previously rejected. Second major resistance is at $38.2% Fibonacci retracement level. This should be the key price to provide further clues on the price development. Break above that resistance could start a long term uptrend, while rejection should result in more consolidation.

On a downside, break and close below the $0.11 support should invalidate short term bullish outlook and send price slightly lower or just extend the consolidation.



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