bitdoctor
Long

Siacoin (SC) - Bullish Divergence (1D)

BINANCE:SCBTC   Siacoin / Bitcoin
Not financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.

Siacoin is one of those low market cap coins that tend to just surprise you out of nowhere. We've seen some bullish divergence forming here and it's difficult to say if this is the bottom because honestly at ~60 satoshi it's pretty cheap.

These tend to be high risk as a single satoshi price change can mean so much percent deviation. You've got to keep tight stops but I think there's a decent trade setup for SC BTC right now. Super tight stop at 60 satoshi gives you 2 satoshi leeway which isn't much but there was a decent reaction down here once before. If we break 61, then there's more downside potential but if we bounce (maybe you'd like to wait for a higher entry on a confirmed bounce) we could be heading higher from here.

The 50 daily moving average looks to be holding the price down so if you take this trade you should keep an eye on that. It's sitting around 68 right now and the 200 daily moving average is around 85 so absolutely do not expect a break of 85 in this trade... especially as days move on.

Trade safely friends!
<3 -CE-
The BitDoctor Team
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