It's been a while, what have we missed?
Well since my last analysis we have broken below the bear flag we were looking at and fallen down to make a new all time low against bitshares. We supported around the cross section between where our previous descending trendline and the horizontal support level meet up. We've bounced there and are now finding resistance at the support area of our old bear flag. Pressure continues to mount, and push the price down.
We are still pinching down in a descending wedge pattern that if plays out would yield a bounce in price. Despite price falling, I do feel the smoke market is getting healthier with more consistent volume, and a lot more liquidity. Until recently if you wanted to buy a lot of smoke, there just wasn't much available.
Path of lease resistance.
The book orders show us that the path of least resistance is to the upside. We see a lot of liquidity building up in the .47 area and below. The lower we go, the more smoke it takes to push price down, so there is reason to believe we may not go too much lower against Bitshares.