## Bitshares attempting to put in an inverted head and shoulders pattern

*Disclaimer: This is solely my opinion; this is NOT investment advise; I am a long term holder of Bitshares*

#### Definitions:
**Point Of Control:** White Line - 200 period Volume Weighted Moving Average
**50 Period Moving Average:** Orange Line - 50 Period Simple Moving Average

![](https://www.coinigy.com/assets/img/charts/57a90c1a.png)
*4 Hour Price Chart - PoloniEX*
![](https://s9.postimg.org/dwrkfm3q7/Bitshares_Polo_OB.png)
*Oderbook PoloniEX*

### My Thoughts
Looking at the 4 hour short term price action of Bitshares (above) it looks to me that the market is trying to paint and inverted head and shoulders with the neck line on the Point Of Control(POC), the head supported by the .786 fib level and the right hand side shoulder supported by the 50 period moving average as well as decent depth in the order book at 737 sats; doing this from an oversold condition as indicated by the Williams %R indicator to the background of a rising Relative Strength Index(RSI) with divergence in the initial shoulder to the head. 

If the pattern is successful a break of the neck line will typically see a rise the same distance as the head (from the neck) putting the price per BTS at the 900 satoshi level.


#### Slightly longer time frame
![](https://www.coinigy.com/assets/img/charts/57a90d27.png)
Looking at the chart displayed  we can clearly see that both the POC and 50 period MA are respected in the chart with the POC resisting previous rallies and large candles breaking the 50 period MA; fib levels also look to be well respected on a longer term view of the short term market we can see the last retrace on the market  stopping dead on the .618 Fib level.


### Fundamentals
With a few big announcements coming out for Bitshares recently and some proposed announcements incoming it's no wonder the market is getting excited; a few new noteworthy recent events are below
* Bitland secures corporate licence to to land registries in Ghana - Read more [HERE](https://steemit.com/bitshares/@steempower/the-bitland-project-is-set-to-empower-ghana-through-land-title-registration-corporate-license-approved)
* Bitshares Smartcoins added to Bitsquare - Read more [HERE](https://steemit.com/bitsquare/@karnal/bitshares-smartcoins-added-to-bitsquare)
* Peerplays to announce details of their Sharedrop on Bitshares holders at the weeks Beyond Bitcoin hangout - Read more [HERE](https://steemit.com/beyondbitcoin/@officialfuzzy/guest-signups-beyond-bitcoin-hangout-168-8-12-16-rsvp-to-friday-s-hangout-ask-q-s-suggest-topics-or-promote-your-favorite)
* BlockPay - One of the projects from the skilled team at Bitshares Munich they are servicing Oktoberfest with Smartcoin enabled mobile Point Of Sale systems and rolling out physical and downloadable (via Odoo to 1000's of existing businesses) Point Of Sale systems globally - Check them out [HERE](http://blockpay.ch/)
* Bitfinex Hack - Bitshares key product is a decentralized exchange that allows users to trade with the speed of a centralized exchange all while actually retaining ownership of your digital assets


With all the recent developments in Bitshares and potential upcoming news as hinted by recent posts in the [BitshareTalk](https://bitsharestalk.org) forum; it is definitely and exciting space and should be great to watch.. 

![](http://i.giphy.com/Bi6FcO7UoutWM.gif)
### Grab your popcorn :)