Hello folks, I have been asked to do SC analysis, if we see it had some big prices a few months ago and now it is in a bearish trend, as we all know SC is one of the best options for longing @ long term.
Analyzing this coin since it came from high point in June, but analysis was made since July as if we go a bit backwards than that it might throw some inaccurate results. What I found over here is quite interesting, Fibonacci retracement on the coin has been working fit, and if we notice channels are crossing a bit ahead, that lead us to understand that there will be a breakout on the coin and considering SC is one of the most stable coins we will be taking the breakout as a bullish one.
If we take the pump that it had within the 12th and 15th of July we have a very nice yellow line showing us the angle, that line we copied it and placed again on this last bottom point of yesterday, now we see that it reacted with quite a good gain in value, and if it keeps with the same angle we could do a projection in the chart joining 3 points, 1st the lowest point at the beginning of first yellow line, and second point in the lower part of the channel and 3rd point in the copied yellow line.
Having this projection and calculating fibo retracement we could get to the value showed in blue.
If you have any questions do not hesitate to post here and i will gladly explain how did i got to this value.
Wish u all success on your trades!
Analyzing this coin since it came from high point in June, but analysis was made since July as if we go a bit backwards than that it might throw some inaccurate results. What I found over here is quite interesting, Fibonacci retracement on the coin has been working fit, and if we notice channels are crossing a bit ahead, that lead us to understand that there will be a breakout on the coin and considering SC is one of the most stable coins we will be taking the breakout as a bullish one.
If we take the pump that it had within the 12th and 15th of July we have a very nice yellow line showing us the angle, that line we copied it and placed again on this last bottom point of yesterday, now we see that it reacted with quite a good gain in value, and if it keeps with the same angle we could do a projection in the chart joining 3 points, 1st the lowest point at the beginning of first yellow line, and second point in the lower part of the channel and 3rd point in the copied yellow line.
Having this projection and calculating fibo retracement we could get to the value showed in blue.
If you have any questions do not hesitate to post here and i will gladly explain how did i got to this value.
Wish u all success on your trades!