Where we left off
Last analysis we were looking at this symmetrical wedge, and expecting a breakout. We saw the breakout, and it was a rather nice pump but short lived. I normally don't call the dumpers out (you can look that info up for yourself on a bitshare explorer), but since he posted about it @MJGeeks single handedly dumped us down from the entire pump back to the previous low. The Market managed to absorb it well and built off that low and has started to begin a new pump.
I wanted to do this post 3 days ago when we had the bullish engulfing candle on the daily (3 candles back from the current one on the chart). I felt that we would have at least a small move up after that, which we have seen. We're pressed up against horizontal resistance (previous support), if we can push up higher, it should be pretty easy for the bulls to take us up to the top of the symmetrical triangle.
Volume is fading away. Considering where we are in the charts with price having moved down into sideways at our support level, I am looking at this as bear exhaustion. The sellers are running out of steam. We are seeing a lot more red days than green days, but the green days are moving price more.
We can see a huge buy wall on the books that would take 68k smoke to knock down. There is not much on the sell side of the books as usual. We see smaller walls get put up, but the bulls have been taking them out. Aside from the big wall, liquidity has been thinning out as volume increases. That, and being able to actually see what happens on the blockchain, tells me that a lot of our buyers are powering up.
I'm not entirely sure what is going to happen moving from here. Short term I would error on the side of us moving up.
Long Term View
Taking a longer term look at things this whole trading range could be an accumulation zone. Our biggest volumes are all on green days. So while I think it is possible to see price break down below this area that has held price for so long, ultimately I do think price will move much higher than 1 BTS.