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Bitshares coin (BTS) price is attracting many investors after a massive rally this week. The coin pumped 35% on Wednesday before getting rejected from a major supply zone. The latest analysis suggests it is not worth chasing the pump until the price breaks above a key region.
BTS crypto is one of the oldest cryptocurrencies, which was launched in 2014. Over the past few years, investor interest in the project has significantly decreased due to the lack of development. Most of the capital flew to the new crypto projects in the past few years, and old horses like Bitshares crypto failed to attract any new buyers.
Many old coins like BTS have become whales’ playground due to insignificant adoption and the lack of development. Market manipulators use these coins to lure new investors in by pumping the price. There are many such examples across the whole crypto industry.
The ongoing Bitshares coin price surge also seems to be a manipulated move, as there has been no major news in the market. Therefore, it won’t be wise to chase the pump as the manipulators may dump their coins anytime. The technical analysis also reveals a very limited upside for the BTS coin.
BTS crypto depicts a very volatile price action on the lower timeframe. A higher timeframe technical analysis reveals a key region which is currently acting as a resistance. This is the $0.013-$0.017 region, which has resulted in many rejections in the past 12 months.
My Bitshares coin price prediction will remain bearish as long as it trades below this region. Only a reclaim of this region will flip it bullish on the higher timeframe. Until then, there are many better coins in the market which can be traded.
I’ll keep posting my updated BTS coin analysis and my personal trade setups on Twitter, where you are welcome to follow me.
This post was last modified on Jul 06, 2023, 11:14 BST 11:14