Place the chocolate chips, shortening and water in a medium glass bowl. Set bowl over a pot with simmering water and gently stir until melted. Pour into a glass 8x8 baking dish and let cool about 30 minutes on the counter. Cover with plastic and refrigerate overnight.
Lay a piece of parchment on the counter. Remove chilled chocolate mixture from refrigerator. Using a small ball scooper, scoop approximately 16 balls of the chocolate, placing it on the parchment paper. One by one, roll gently between your hands to form a ball, continue until all the chocolate has been rolled.
Coat half the rolled truffles in the graham cracker crumbs and the other half in the cocoa. Refrigerate until serving.