Siacoin - Price Structure
Updated
Today we have SC/BTC on the 15m chart, as there is not a lot of data for this asset, however, a lot of individuals have asked my opinion about this cryptocurrency and I'd like to give you all a brief overview.
As you can see price is creating several key areas of support and resistance which we can use to our advantage.
Currently, price is trading in between 340 and the trendline , if support holds and we manage to stay in this zone we will see a break of the trendline followed by a big move up!
If we see a break of support price will drop to the zone below, trading between 340 and 290.
A close below 290 would see price drop to lower levels.
Siacoin is currently a part of my portfolio, they have excellent potential long term.
Now taking a look at the 1h chart below, I would pay close attention the area between the 0.382 and 0.618 retracement levels, price seems to be reacting at these levels.
A close above 0.382 would be a good confirmation for a move up.
Price is currently creating lower highs and lower lows, we need to break the previous high to see a big move up.
The main purpose of this post is to highlight the key price structure within the market.
If you want more trading inspiration, connect with me below.
As you can see price is creating several key areas of support and resistance which we can use to our advantage.
Currently, price is trading in between 340 and the trendline , if support holds and we manage to stay in this zone we will see a break of the trendline followed by a big move up!
If we see a break of support price will drop to the zone below, trading between 340 and 290.
A close below 290 would see price drop to lower levels.
Siacoin is currently a part of my portfolio, they have excellent potential long term.
Now taking a look at the 1h chart below, I would pay close attention the area between the 0.382 and 0.618 retracement levels, price seems to be reacting at these levels.
A close above 0.382 would be a good confirmation for a move up.
Price is currently creating lower highs and lower lows, we need to break the previous high to see a big move up.
The main purpose of this post is to highlight the key price structure within the market.
If you want more trading inspiration, connect with me below.
Note
Price has broke the trendline and started the move up, if we break and close above 435 this provides excellent confirmation for a move to 580 in the future.Note
We've now reached 400, price is moving up nicely.I expect one more drop to the trendline before testing 435.
Note
Just taking a look at the 1h chart and the price structure is holding well.My main target is still a breakout of 435, once we see this happen we'll be on track for a move up to 580.
I've highlighted the key trendlines in the market at various levels, keep an eye on these going forward.
Note
The move up has continued, we've now broken 435 and heading for 490.Here is the levels to watch going forward.
Trade closed: target reached
Big move up complete!
📈 Master the Art and Science of Trading: sixfigurecapital.com
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