SC Potential End of Accumulation Period

BITTREX:SCBTC   Siacoin / Bitcoin
457 1
First publish/just testing. SC could see the end of this accumulation period around 10th October, if not before. A daily close below 85sat would invalidate this idea.

With a reasonable amount of positive volume SC could reach 121sat resistance very quickly. This area was support until early August, where you can see the negative trend strength became very strong and we entered the current range that SC has yet to recover from (but has already bounced from support a few times giving great trading opportunities).

We can see bullish strength increasing on ADX/DI similar to December 2017 and April 2018. There has been accumulation in between lower support areas and our daily chart has recently discovered very strong trend strength (DI+ > 25) indicating upwards momentum.

I would consider buying between 91-94sat, with tight stop loss or at least backing off of positions at 85-87sat. If you are in for a short term trade then take profits between 110-114sat. If you are willing to test 121 resistance, which could be easily breached then the next TP would be 165 and after that, potentially 230sat. If we were lucky enough to break through to that area then new opportunities may arise.

Full disclaimer, I am both long term holder of SC and small time trader. I take profits from trading balances as necessary but always look to increase my long term bags for the next few years.
Oct 01
Comment: With recent news that Sia will undergo a fork to resist existing ASIC miners on October 31st (see: https://blog.sia.tech/sia-proof-of-work-... ) we could see some additional volatility over the next few days/weeks.

It is currently unclear at this point how the market will react as the news spreads but the inevitable increase in volume is likely to produce some new trading opportunities outside of the scope of this idea.

Remember to not trade with 100% of your available BTC/USD or Siacoin. Make small incremental conditional buys and sells in advance of market movements to ensure you are not rushing to react to sudden changes in either direction.
Oct 02
Comment: Short term profits can be taken here at 110sat for 15% gain since initial post.

Not a good place to buy, wait for 121 to break if you are looking for entry.
Check my TA for SIA I agree with yours!

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