Siacoin is another fantastic crypto that has gotten caught up in the FUD surrounding BTC and ETH.What business does it have at the current price? Remember, a LOT of people made a LOT of profits recently, and it is natural for them to take it. You need retracements to catalyze long term growth -- that is just how it is... think about how you must cut your hair for it to grow longer.
SC needs to break this descending wedge it has currently. Also, the Long-Term STEADY Growth Line is looking for a challenge, which it will get soon. In case of breakout, the purple lines are your roadmap for resistances. If SC breaks the big red Bottom support line, watch out. That is its critical support area. Without it, say hello to the 420's and below (yikes!) -- 
DGB anyone?
As is the case with
BTS currently, use very strict stops right now. Do NOT trade without them. They keep you in the game. I personally, would wait for confirmation of breaking the first purple resistance line. If that happens with volume, I would go long immediately. That is just me. Define and plan your trades and use your stops! Good Luck peeps!
SC needs to break this descending wedge it has currently. Also, the Long-Term STEADY Growth Line is looking for a challenge, which it will get soon. In case of breakout, the purple lines are your roadmap for resistances. If SC breaks the big red Bottom support line, watch out. That is its critical support area. Without it, say hello to the 420's and below (yikes!) -- DGB anyone?As is the case with
BTS currently, use very strict stops right now. Do NOT trade without them. They keep you in the game. I personally, would wait for confirmation of breaking the first purple resistance line. If that happens with volume, I would go long immediately. That is just me. Define and plan your trades and use your stops! Good Luck peeps!Note
What's up my friends! SC -- where to begin!For new traders, right now at this moment should teach you why sideways price movement is a very good thing.
SC is trying to close above the descending wedge. It does not need to go up to do so. It just needs to show stability at its current price level to move away from the wedge and start a consolidation period.Do not get too excited if it closes outside of the descending wedge -- that is merely Step-1. It is important that you know what is, and what is not a breakout. This would NOT be considered one. Let it close outside of the wedge, move sideways, and most importantly at the moment, ACCUMULATE SLOWLY.
SC needs to show strength at this price area. Once it builds strength, the volume buyers can feel comfortable jumping in. For a direct show of strength,
SC would be well-served to test 495 again successfully --strong bounce off of it would show that. If that happens, it is an immediate buy for ALL Short, Intermediate and Long-term Buyers.Until then, we are not out of the woods yet. Remember, we want to give ourselves the best chance of swinging a successful trade. We can reference our charts to show us when is a good time. A Successful Double test of 495 OR breaking 629 with Volume and closing one candle above it is a BUY! Beware of false breakouts, thats why we look for volume and a close above to confirm what we are seeing.
Best of Luck!
Note
SC is now testing 495 for the "show of strength" I previously said it would be well-served to bounce off of. This is a critical juncture moment... let's see how it plays out. Make sure you respect your stops!
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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.