SIA: shortterm idea

BITTREX:SCBTC   Siacoin / Bitcoin
Buy levels in blue box, support here from the trendline, 0.786 fibonacci level and ( stoch ) RSI is getting oversold.

If bouncing from the lower trendline. We will probably retest the upper trendline first after which SIA might move back to the lower trendline once more, before finally breaking out. Since the cryptomarket is quite turmulous at the moment, I will already take some profits at the upper trendline (a good 30%). Then I will wait for the breakout to see where the next target might be.
Comment: SC did not yet hit my targetbox and is moving sideways in a very small window for the last few days. A decision is due; up or down? Looking at the bigger picture and the indicators, I still believe that up is more likely. However, I'm also looking at BTC and it is not yet looking really strong. If BTC breaks down, we might see altcoins such as SC also breaking down, despite what its own chart is saying. So if you are in this trade, make sure you put a stop loss in place.


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