Hi Guys! Most of you already have heard about the hard fork of Sia. We read about that a lot and we think this is a good idea. To make the long story short. They produce their own ASICs. They are called Obelisk SC1. They are used to dig Sia coin and maintain the whole network. Everyone can buy them. However, ASCIs from Bitmain which are also used in Sia network, determine almost 45% of the whole hash power rate. This looks a bit dangerous when taking into account potential growth of dominance of Bitmain and their hardware. Within a weeks/months they could exceed the level of 51% and if they are intentionally very mean, take over the whole network. So (almost) none of the creators want such situation. 51% owned by one company? No way! So, as a result, they decided to change the algorithm and unable Bitmain and Innosilicoin to operate in Sia’s network.
So within the last couple of days, SC grew over 20% which constitutes the fact the community has taken this information as a good omen. The hard fork will come into effect by the October 31st. There’s no plan to issue new coin. If somebody will do it, basing on the old network, the new coin might be issued but there are no guarantees that any exchange will support it.
Technical analysis details: • Very low at the Fibonacci scale (only 70 sat over minimum value) • Probably double bottom forming • Ichimoku Cloud - over Tenkansen and the cloud – strong bullish • MACD – bull’s cross over the level of 0 • Chaikin Money Flow – strong pressure on the price is getting even stronger – take a look at the angles.
Fibonacci targets (this can take a while as those are taking into account whole price span):
So, as a result, we can lose 70 sat and win 730 sat which makes a great profit/loss ratio at the level of 963%.
So do you think hard fork will have a positive influence into Sia’s future? Are you hodlers of this project or you just trade?
Massive Hugs! WBM Team
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Ichimoku zoom
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MACD and CMF zoom
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PS. If you haven't bought it yet just wait for the end of the correction which should be at the level of TenkanSen at around 112 st.
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Most probably we will touch TenkanSen od daily chart which is at 107-108 sat. We may also go as low as KijunSen at the level of 100 sat. Somewhere between 112 and 100 is the reload level. We would say wait for another 1 or 2 4H bars to see what happens.
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Crucial levels to break 120 st and 124 st
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Guys - sadly no interest thus no volume. Without that nothing is predictable. We have to wait! Look at the chart
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Unless more volume shows up we can expect to dip as low as 100s.
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We should be stopped at around 90 st. Observe the Weis Waves - when smaller red observed it will mean supply is evaporating - in other words, time to buy.
thanks a lot guys!
I am wondering. I always see Short / mid / long but about how long is a mid term? is that like 6 months ? and what about the rest? :)