thetazeta

Sia key resistance and fibs

thetazeta Updated   
POLONIEX:SCBTC   Siacoin / Bitcoin
9
If resistance at 510 SAT gives way it will re-test 489. If it breaks that watch for these correction sweet spots following a big 5-wave move:

467 - Current degree wave 4 low
429 - Larger degree wave 3, 0.5 fib
332 - wave 3, 0.618 fib
Comment:
RSI divergence showing now @ 487-490. Plus volume picking up a little.

Good signs but def not conclusive, esp with BTC bearish fears looming.

Comment:
So Sia maintained at 490-ish support, crossed 510 resistance, and tried to break out but bounced off upper correction trend line.

SC is primed to pop, what actually happened is it's completely under BTC's control at the moment and was following BTC price action to the T.

Now it's a waiting game to see what BTC does. "Good" long opportunity for SC if BTC goes bull - if you can stomach knowing you're really exposed on 2 things not 1.

Overlay showing correlation, SC in light candles, BTC dark:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.