If it validates the breakout on the current breach of the neckline the measured move target is about 2 and a half cents. Nice to see SiaCoin actually doing something for once, been a long while. Must be a true tell sign the bull market is back. *not financial advice*
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Reaching the full target would be about a 66% gain from the current price range.
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Big dip back down below the neckline it seems. SiaCoin can be one of the riskier assets, however being the very first breach of this neckline I think its still very possible it gives us a real breakout validation on the next 1-3 daily candle breaches/closes back above the neckline.
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How soon will it break back above the neckline again is anyones guess however in the meantime I see this as an opportunity to modestly accumulate below the neckline to take advantage of maximizing some gains when it does. Of course I wouldn’t go heavy into SiaCoin myself as its fundamentals arent as enticing as some of my more prominent holds but I wouldnt mind accumulating a little here to ride this inv h&s target up whenever it eventually does decide to trigger it.
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Still continuing to create a wider right shoulder.
according to me, we can expect a bullish after the little bit of retracement
tantamount
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Boolish! ;P
DrDovetail
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@tantamount, nice hopefully it breaks above your channel. Hope you are well my friend.
tantamount
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@DrDovetail, Thanks - Doing well, sir and hope you are too!
Youdan
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Could you please provide an updated analysis on Siacoin? Regrettably, I missed the opportunity to sell when it was over 2 cents due to greed :)
DrDovetail
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@Youdan, classic kind of move in this kind of volatility, these things happen to squeeze people out of leveraged positions. My update is that it has not yet truly triggered ths inv h&s pattern. The good news is considering the phase of the bull market we are in, is that there is a large probability it eventually will so personally I see a trip back belo the neckline like it has just done as a gift to make way more gains on this chart pattern when it finally does confirm its breakout. The only way this inv h&s pattern gets invalidated is if somehow price goes all the way back down and below where it was when it bottomed…very unlikely considering where we are at in the market.I’m not convinced that SiaCoin has the fundamentals to insure that it sees a new all time high this bull run or not but I’m fairly confident it will at least eventually reach the inverse h&s target. Of course as always this is -not- financial advice.