Siacoin has had some big, measured moves up recently, currently down 33% from ATH, but has held the 61.8% fib line as strong support (previously resistance). Also if you look at the Stoch RSI, every time in the past two months it has been this oversold, SC has rallied pretty hard upwards. The RSI is also well above the last two trend reversals, so that's positive. This is all highly dependant on BTC, but I expect a move towards 5 cents in the next few weeks.
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Fib levels
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SC was just listed on Huobi Global and it's pumping hard! Apparently it's trading there at 5 cents already!
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Close above the 0.0335 line should see upwards action and a retest of the 0.037 levels.
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Boom!
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Based on previous moves, SC will now retrace to the 61.8% fib level (every move has hit that level in retrace) at 0.029, unless it is listed on Coinbase, in which case it will probably melt faces at 5+ cents.
Trade closed: target reached
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Boom. 5 cents done. Thanks for playing! I'll post another chart in a few days to see where we're at.
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Key levels for SC in the coming month or so.
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We'll probably hit support 1 again if BTC goes back down to 30K. Support 2 if we drop below that to around 28K. Support 3 if shit gets really bad. Stay safe, layer your buys friends :)
thanks for these tips mate, read this about a week ago and brought a few SC. Keep up the good work.
Brisben
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@rook404, No worries. Will do :D
saqlainasia
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Hey buddy ! Isnt the four hour chart creating a proper head and shoulder pattern which is supper bearish ?
Brisben
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@saqlainasia, it did look a bit scary for a while, but that pattern is already broken. Looks like it was a false indicator based on correlation to BTC moves. Time will tell, however I'm long on SC.
saqlainasia
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@Brisben, Oh ok great. thanks for the catch. I am doing my research and it seems like a very legit project. As you being expert on this, how long you planning to hold this ?
Brisben
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@saqlainasia, I'm holding half until $1 and day trading the other half on significant moves up and down to try and increase my bag, and will sell to USD or BTC if it looks like we are entering another bear market.