Bitspark is a bankless money transfer company that helps you convert cash to cryptocurrency, globally.
As an underlying blockchain that enables numerous decentralised exchanges, including Sparkdex, BitShares has made great strides recently. In this blog post, we will look at the latest developments surrounding BitShares Wallet UI, as well as the technical analysis of the latest price movements involving BitShares’ native token - BTS.
Several new features were introduced to BitShare Wallet UI (see here). The features are mainly focused on security, management, ease of use and decentralisation. Since the latest update, Hash Time-Locked Contracts, (HTLC) and Atomic Cross Chain Swaps (ACCS) can be executed on BitShares. These two features will contribute to the safety and functionality of the platform.
Advancing further in the field of safety, the project team has designed new tools to inform the end-user of security threats. Furthermore, additional changes have been made in the fields of direct debit authorization, market fee sharing, as well as interface and template choices.
All these changes were tackled in the interview with Magnus Anderson, the project leader of BitShares UI Team. Accordingly, the “UI team has made continuous improvements in functionality, including user-reported bugs, in addition to many other back-end items,” said Anderson. He also added that the team has “continued working towards an easier and more unified component framework”.
Speaking about the most radical changes in this year’s UI Team Worker Proposal, Anderson said:
“We now have a team member dedicated [mostly] to UX related tasks. These include contacting, coordinating, and briefing designers on the progress of improving the overall layout of the application. We also work towards a more efficient implementation of new necessary functionality, compared to the past. The team will work towards a tighter process together with the BitShares Core Development Team. Also, the team will deliver new features and enhancements necessary for good functionality on a tighter schedule.”
When it comes to major challenges, Anderson believes that communication with users tops the list.
“BitShares is a platform where we should give all users (new, old or potential) the same feeling. While the BitShares platform has always given its technical strength, it has not always given the ease of use,” answered Anderson.
At the end of the interview, Anderson shared his enthusiasm about the new Beet project, developed by Clockwork, which is expected to provide the community with more possibilities to integrate the BitShares ecosystem in users everyday utility.
Looking at the technical picture of BTS/BitUSD, (available to trade on Sparkdex), the price action has recently been looking bearish. On the upside, we failed three times to close near the high levels of $0.079. Instead of a strong close, the price rotated back lower on three different occasions. When this price pattern occurs, it usually results in the strong rejection lower, as is the case here.
After the most recent failed attempt to close near the highs, the price has started moving lower since June, finally hitting the all-time low of $0.0391 in mid-July. Since then, the digital coin has mildly recovered to current levels, around $0.045.
Another bearish sign comes in the fact that the previous low, (the purple horizontal line), was taken out during the most recent push lower. The close below this level - $0.0465 - means that the next target on the downside is the 127.2% Fibonacci extension. We came really close to hitting this level, but the bulls pushed the price higher before it touched the extension zone. Nevertheless, this remains the short-term goal for the bears.
On the upside, the previous horizontal support now acts as a strong resistance. Any move back above this line will likely mean we move to a more neutral playing field. For the same reason, the longer we stay below the horizontal support, the bigger the change is as we test the short-term bottom. If the resistance is cleared, look for a test of DMA 100 and DMA 200, currently sitting around near the $0.056 handle.
Looking at the lower time frames, the situation looks very similar. Although the price action went briefly above the ascending trend line, it quickly returned. At this stage, the price is trading between the two MAs - 100 and 200 - and below the trend line and horizontal support.
Hence, the 4H chart confirms the opinion generated from the daily chart. As long as the price stays below the confluence of resistance levels - horizontal, diagonal and MAs - the overall picture will remain bearish. A sustainable close above this zone will move us into neutral territory.
Bitspark is a bankless money transfer ecosystem that enables businesses and people to cash in and cash out cryptocurrencies across Asia and Africa.