Siacoin has been forming another falling wedge, which might be perceived as a fractal price movement.
The targets are similar to those of the last one.
It is crucial that the price pierces the downtrend (dotted line), which should be settled approximately at the 0.384 Fibonacci Level, if I got the time frame right.
There is a feint of a bullish...
Due the relative success of the former idea I extended it.
Please see the predecessor to get why those aren't just random curves cast by a maddened mind.
Let me know what you think and don't use this as an advice
As you can see in the chart we got a support level @7500 derived from the Fibonacci levels.
The triangle itself is a symmetrical one which means we deal with a continuation pattern.
Its breakout target is determined by measuring the distance (price difference) at the 0 point (starting point of ABC correction) towards its other side (uptrend).
In our case this...
If the price approaches the fib circles one may expect local changes in trend and price momentum.
The dashed line within the fib circles shows the current trend, it shows too how those have been set in place.
I started with the current change in trend and prolonged it towards the intersection of 2 former up trends.
This turns out to be incredibly well aligned...
SIA will likely encounter a correction towards the .5 Fib support line.
I recommend selling below 175 (.236 Fib) and aiming for a buy at 150.
The pattern has been confirmed by 7 distinct alternations of the price.
The decline in volume as well as the broken trend in MACD are fortifying the scenarios likelihood.
Im still quite a rookie so consider this not as...
the yellow triangle is a descending one, please see the attached chart for the bigger picture.
The dashed cyan lines are forming the trendlines for the falling wedge.
I use the CMF for refining a possible breakout timeframe.
The magenta lines are my interpolation of the price.
The dotted lines are the expected breakouts of the corresponding patterns.
CMF and MACD are supporting the patterns
Fibonacci really amazes me... you might have to alter the scaling of the price axis in order to achieve the correct view.