Traders-Corner

Possible Cup & Handle forming for Siacoin

Long
BINANCE:SCUSDT   Siacoin / TetherUS
Hi all,

Main TA Points;
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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.
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Talking Points;
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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.
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Estimates;
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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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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.
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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.
Comment:

Comments

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.
Reply
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