SCBTC / Symmetrical Triangle How To Trade

POLONIEX:SCBTC   Siacoin / Bitcoin
Technical Analysis

Symmetrical Triangle
Siacoin is in a symmetrical triangle very close to the apex (meeting of up trending and downtrending line) and should break out soon. The closer to apex, the closer to breakout.

2 Lower highs and 2 higher lows confirms this triangle is valid. Volume contraction / reduction also validates Symmetrical Triangle pattern .

This is generally a continuation pattern, meaning if it entered the symmetrical triangle from a bullish run, it should continue, bullish . the symmetrical triangle is sometimes a reversal pattern, meaning we should wait for a valid breakout of the upside before we buy in. To enter this safely we want to see at least 5% move upward (235-240 Satoshi) as well as some buy volume kicking in, showing interest. We can also wait for accelerated movements upward (large green candles) and bullish gaps.

Often, the level of the Apex turns into support and can test / bounce on it around breakout before resuming to target.

Symmetrical Triangle target is generally the widest distance of symmetrical triangle.

Many sources state that 75% of symmetrical triangles are continuation patterns.

We’re buying in on a 5% movement upwards and re-buying and adding some in this trade on the test / bounce of the apex.

Trade Information
Fundamental Analysis
Hard Fork January 31 2018

I am bullish on Siacoin as I believe it is a great project, and is in my core holdings for 2018. Siacoin is a “decentralized cloud storage” that is completely private and encrypts files on a decentralized network. It is affordable as 1TB cost about $2 a month. It is open source and the devs are transparent, and many people are allowed to contribute. The community has been building applications on top of Sia’s API . Siacoin also has a decentralized storage marketplace, that allows people to “rent” and sell digital files, document and similar. Sia leverages the capacity of blockchain technology to enable distributed networks to reach consensus in a secure and trustless way. Cryptographically secured smart contracts ensure the encryption and transfer of data with no possibility for a third party to interfere in any way.
Comment: My sincere apologies I did not think text would come out so small.
Comment: Trade Information
Entry: 235 - 240 Satoshi
Stop Loss: 200-206 Satoshi
Target 1: 265 Satoshi (12-13%)
Target 2: 338 - 350 Satoshi (45-49%)
Risk:Reward = 5+
Risk: Low
Comment: broke on downside, bounced off .236 fib, sitting at support zone
Comment: faked out, bounced off 236 fib again and ran up for nice 40% up
Comment: double bottom ^
Trade closed: target reached: target hit
Trade active: set 1.618 fib as support and running to 2.618
Thanks a lot ! Took 100% profit
I left only those profit on the alt for long term hold on 2018 !
So after hit target, do you think SC will drop or sideway?
@ardinusawan, Trade active: set 1.618 fib as support and running to 2.618
+1 Reply
ardinusawan TheCryptoLabs
@TheCryptoLabs, I can not see where is 2.618. But 1.618 is 335 sat, right?
So we're drops to 179 then to 152?
What are you thinking now?
@tommyh00, up up up~
Thanks for the write up @TheCryptoLabs ! I'm a HUGE fan of this coin, for all the reasons you listed.
Nice writing, thanks.
@rludvik, Absolutely, no problem.
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