Siacoin / BitcoinUpdated SC - Robust Support?
Thoughts
- Currently in a strong support area
- Far from breaking the 1HR trend line (From this we are still bearish)
- In terms of the global fib, hovering around the 0.236 which coincidentally lands on the local 0.383 Fib.
- It is possible that it drops down to test the local 0.236 Fib
- It is also possible that it heads up to test the trend line and the local 0.5 Fib
- In my opinion, I don't generally like hovering around support, this often ends up bearish
- EMA (200 and 50) are far apart, expecting a test of the 50EMA before the test of the trend line
- SC has a lot of work to do before the trend reverses
- But as always, tight stops are required.
- Long - stop loss @ 180
- Short - stop loss @ 235
- Currently in a strong support area
- Far from breaking the 1HR trend line (From this we are still bearish)
- In terms of the global fib, hovering around the 0.236 which coincidentally lands on the local 0.383 Fib.
- It is possible that it drops down to test the local 0.236 Fib
- It is also possible that it heads up to test the trend line and the local 0.5 Fib
- In my opinion, I don't generally like hovering around support, this often ends up bearish
- EMA (200 and 50) are far apart, expecting a test of the 50EMA before the test of the trend line
- SC has a lot of work to do before the trend reverses
- But as always, tight stops are required.
- Long - stop loss @ 180
- Short - stop loss @ 235
Note
Update- Followed the downward movement
- Fell trough the support zone and passed our long trades stop loss
- Heading towards the local 0.236 Fib
- No accumulation taking place so it signals that its heading lower
- Next zones of interest are the 0.236 Fib and the psychological 0.00000100
- A full retrace to 0.00000050 is still possible.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.