Main TA Points; *** 1. Log scale chart. 2. Big cup and handle on monthly. 3. 20MA currently acting as support. 4. Break of Ichi looking imminent. 5. Incredible R:R ***
Talking Points; *** Going to keep it simple,
Log scale is a fantastic tool to use over long term chart views as well as high volatility markets such as crypto.
SCUSD is painting an enormous cup and handle suggesting a price target of anywhere between $1 - $3.50.
There is a strong possibility that Web 3.0 will be the "meta" paradigm during the peak of the current bull run. Sia/Skynet is arguably the strongest offering in this space with Siacoin offering a significant investment opportunity with considerable upside.
These price estimates are also inline with SCBTC hitting its all time high of 800 satoshis. Should it do this with BTC hitting upwards of 100K we are definitely talking price targets in this range. ***
Estimates; *** Log scale modifies your drawing tools and I'm having difficulty calculating the exact measured move. At this price entry however, liquidating a portion of holdings at 1 dollar would be a prudent strategy having banked significant profits.
I think targets should involve averaging out of the trade in this case given we are looking at a range of $1 - $3.50.
Good luck,
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*** Any trading advice provided has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information provided you should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. You should seek professional personal financial advice before making any financial or investment decisions. All investment and trade decisions, no matter how well investigated, involve risk.
Thank you! :) What would the estimated price target be for SC this year should Bitcoin NOT hit 100k in this bull run? Atm it seems highly possible that Bitcoin already hit the top and is now bearish.
AirtonTiago
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To get over $1 Siacoin would need a market cap that reaches over 49 billion dollars (which today would put Siacoin in the top10 coins by market cap). Did you have it in mind when you did your analysis? Thanks
AirtonTiago
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It is much more possible to see it deep-diving lower than 1cent in the next following days.
aquario77s
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@AirtonTiago, Knowing that there will be billions of dollars in crypto within the next 10 years who knows it could be this run
BullishAbandonedBaby
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@AirtonTiago You forgot one important thing. With 1 bln market cap SC will be top10 only if all other coins will have the same market cap as today.
alroudan
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hello, still learning TA so it may sound silly, but how do you measure the bounce on a c&h? is it a % of the cup's depth?
aquario77s
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@alroudan, yes it is from the middle of the cup drawn straight up to the level of the sides