Siacoin (SC) Will Test The Last Peak... or Higher! MUST READ!
Updated
Siacoin (SCBTC) has been consolidating before it moves to test the last peak/high.
Prices for this altcoin pair can surely go higher, but if we look at the short-term targets and for a trading approach, the last high is more certain and also an easy hit.
How does it all works?
How can I make this assumption that prices are going higher?
After moving above the MA200 black line SCBTC peaked at 45 satoshis (0.00000045).
After this, a retrace followed and MA200 was tested as support.
As soon as prices hit the MA200 black line, we see SCBTC building up on bullish momentum and moving back above EMA200, EMA10, EMA100, and now EMA50.
We also have a strong RSI above 50, a bullish cross on the MACD, and hidden bullish divergence with the MACD when we look back at Sept. 2019.
We also have more signals based on candlestick reading, the Ichimoku cloud, and volume profile... Just to name a few.
When you mix all these tools together, you can get a very accurate picture as to what will happen next... BUT... A huge and big BUTT... 😂...
Things can change...
The markets are always changing and even with all these signals, the market changes tend to be strong and fast so...
We prepare for ALL POSSIBLE scenarios regardless of what the present chart is saying.
We are looking up, aim up, love up, and get paid when prices move up.
Now, we are not here to become attached to some signals coming out of a chart or our own bias, instead, we are here trading to get paid.
If prices move down and close below EMA10... We take it as a warning that things can change.
Conditions for change
If prices move and close daily below MA200, this set up is lost...
So as a rule of thumb, we use 26 satoshis as our stop-loss!
See how it works?
It doesn't matter how strong the signals are...
You have to have a plan, always, in case things go wrong.
And in my position, you can't ever say I was wrong...
Because I just read the chart for you but also prepared you in case the market turns.
Namaste.
Prices for this altcoin pair can surely go higher, but if we look at the short-term targets and for a trading approach, the last high is more certain and also an easy hit.
How does it all works?
How can I make this assumption that prices are going higher?
After moving above the MA200 black line SCBTC peaked at 45 satoshis (0.00000045).
After this, a retrace followed and MA200 was tested as support.
As soon as prices hit the MA200 black line, we see SCBTC building up on bullish momentum and moving back above EMA200, EMA10, EMA100, and now EMA50.
We also have a strong RSI above 50, a bullish cross on the MACD, and hidden bullish divergence with the MACD when we look back at Sept. 2019.
We also have more signals based on candlestick reading, the Ichimoku cloud, and volume profile... Just to name a few.
When you mix all these tools together, you can get a very accurate picture as to what will happen next... BUT... A huge and big BUTT... 😂...
Things can change...
The markets are always changing and even with all these signals, the market changes tend to be strong and fast so...
We prepare for ALL POSSIBLE scenarios regardless of what the present chart is saying.
We are looking up, aim up, love up, and get paid when prices move up.
Now, we are not here to become attached to some signals coming out of a chart or our own bias, instead, we are here trading to get paid.
If prices move down and close below EMA10... We take it as a warning that things can change.
Conditions for change
If prices move and close daily below MA200, this set up is lost...
So as a rule of thumb, we use 26 satoshis as our stop-loss!
See how it works?
It doesn't matter how strong the signals are...
You have to have a plan, always, in case things go wrong.
And in my position, you can't ever say I was wrong...
Because I just read the chart for you but also prepared you in case the market turns.
Namaste.
Trade closed: target reached
Siacoin | SCBTCENTRY: 0.00000025 - 0.00000027
TP1: 0.00000030 |Hit
TP2: 0.00000033 |Hit
TP3: 0.00000037 |Hit
TP4: 0.00000041 |Hit
TP5: 0.00000045 |Hit
STOP: Close daily (D) candle below 0.00000023.
SHARED: 1-August
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