Possible Cup & Handle forming for Siacoin

BINANCE:SCUSDT   Siacoin / TetherUS
Hi all,

Main TA Points;
1. Golden Cross Formed.
2. Seem to have found support at the 61.8 FIB.
3. Descending triangle invalidated.
4. Breakout accompanied by strong volume .
5. Promising fundamentals.
6. Find bottom indicator as well as MACD suggest return to uptrend likely.
7. Ichimoku offering support as well.

Talking Points;
A promising project and team that has delivered a working product for some time. Fundamentally speaking a strong contender, and according to my estimations not at risk of SEC attention as they did not hold an ICO . Siacoin is not to be mistaken for Siafunds which are in fact securities and have been sold as such.

We recently had a significant break out early January with higher time frames suggesting that S/R flip has occured.

The current support of 61.8 fib does seem to be painting a cup. The fib retracement has been set from the high of August of 2020. The current local high has exceeded this. We could expect the handle to be formed as a retest of Augusts high and subsequent longs could be placed from the break of the neck line with stop loss just below handle at 88.3 fib as a guide. Example trade would offer 3.34 R/R ratio.

The run up to 1 US cent might have a retest of the 0.007 range, but short to mid term targets based off historicals would suggest as a run up to the 1 US cent range as the stronger resistance.

Price action expected to occur over the next 14 days.
Good luck,

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Comment: Idea tracking well, Ascending triangle painting on the 1 hour.
Comment: Handle is forming under the 100 fib level. If the move is to be confirmed we should see a break within the next 6 hours.
Comment: Weve had what I believe to be a bear trap occur with support holding at Ichimoku and 88.3 fib level. Measured move should take us to 141.4 fib in next impulse.

I have listed both options either we jump straight there or we briefly retest before the move up. Should see action in the coming hours.


Huge pump potential on this one!
+1 Reply
Traders-Corner BrieucdeLooz-Corswarem
@BrieucdeLooz-Corswarem, one of the hidden gems. Also minimal risk if any from and SEC perspective as well as assumed incoming Coinbase listing.
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