Siacoin SC/BTC Converging for a big move ahead for BINANCE:SCBTC by MHTProductions

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I hope you are all fine. Lets get straight to the point.
I have drawn all the important points on the chart above.
Trend Lines , Monthly, Weekly ( Support & Reistance), Fibonacci Levels.
You can understand the chart easily.
Siacoin is converging into a pattern, right now after rejection from upper trend line resistance it is test the lower trend line support,
It might going to retest the level at 30 sats . If rejected, then the move up can be 30 percent.
If you want to enter the trade, wait for a new candle to form and see its behaviour. Always enter after rejection and near the support and resistance levels for maximum profits.
30 sats is a very crucial point, if it falls below 30 sats , then it is going to test the 25 sats .
So that's it for today, Folks.
Trade safe as I have provided you with the current image.
Now make your decision.

Comments

Love the logical point of view. Trading this coin has been a wild ride! Been in and out of siacoin since 2017.
Post an update when you can! 💪🎉

supametroid

@supametroid, Thanks man, Sure, I will. Thanks though.

Nice chart, clearly indicated support and resistance levels.
What you thoughts about SC/BTC for now?
SC on weekly resistance level, further movement depends on BTC move, but a question what happens if SC test monthly support on 19 sat in 3rd time?

its going down to 24?...or the support on 30-29 is strong?

phreaktech

@phreaktech, BTC broke put of the 952 days old resistance guys with strong volume. Do not worry about your alt coins. All signals are in profit but they pulled back because of the btc pump. See my Bitcoin Chart Analysis, in which i did the LONG signal.

phreaktech

@MHTProductions so...are we safe under 29sats on SC ?!

You first monthly support and second monthly support/next low after second also looks close to an inverse head and shoulders as well

supametroid

@supametroid, Yeah I got your point. I usually don't believe in patterns. I believe in real time Price Action. I love Support & Resistance theory. Because its the Support & Resistance that make or break the patterns. You have to find the right entry through price action analysis. Thanks for your reply man. Cheers.

MHTProductions

@MHTProductions, Unfortunately most people don't understand price action. Patterns can work though, but you need to understand the forces at work behind them. It's all about pressure and conditions. Most patterns are also bounded by a diagonal trend line, and in my experience those are indeed less reliable then their horizontal counterpart the s&r levels. Quite often you see a pattern breaking up nicely just to bounce of a s/r level a few pips higher/lower.

GuidoM84

@GuidoM84, Yes, Exactly, I agree with your point of view mate! Thanks