BitShares Established The Trend

BitShares showing some very strong growth recently, rising from $0.04 up to $0.18, while gaining 350% over the USD. While moving up it broke above the 200 Moving Average and the upper trendline of the descending channel.

The corrective wave followed and yesterday it rejected the 327.2% Fibonacci support level at $0.12, applied to the corrective wave after the breakout of the Moving Average.

The trend remains heavily bullish and is very likely to continue. The upside target is at $0.22-0.23 which is confirmed by multiple Fibonacci levels. Another wave up form the current price $0.14 should be expected from BTS/USD, resulting in a potential growth of 60%. At the same time the correction down towards support at $0.12 can be expected and it the worst case scenario BitSahres could go back to test the 200 Moving Average. Although at this point such a correction seems unlikely.

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