Possible Cup and Handle forming. Sia to finish month strong. Hi all,
Main TA Points;
***
1. SCBTC pairing looking to test 44 satoshis this month.
2. Support held at 9569 level numerous times.
3. Recent down trend broken.
***
Talking Points;
***
We have had a week long or so of consolidation across most cryptos including bitcoin. March looks set to be a strong month for ALTS historically and not so strong for bitcoin. In saying that we are still in the early stages of the crypto bull market and we could simply see both continue their confident up trends.
Specifically to SIA now, being one of the main bidders for a piece of Web 3.0 framework makes this coin extremely under valued. From a satoshis perspective we are yet to move into SIAs hyper phases as it is known to move historically. We are seeing buy signals on the SCBTC pairing on the monthly suggesting we could easily see a test of the 44 satoshi level, a critical resistance. That would give us a minimum 100% USDT growth based on Bitcoin trading sideways for the month. Should bitcoin continue to make new all time highs, SIA could easily reclaim the yellow trend line as well.
There is still a lot of upside potential on this coin, and given we have tested the 9569 level and held successfully numerous times, It looks as though its time for another impulse up.
We have half a cup formed, the next week should be indicative of our trajectory.
***
Estimates;
***
As a measured move we are looking to test the 2 cent mark. I have provided an aggressive trade setup. Please be mindful this is a high risk trade, the vanilla trade would be to enter at the handle as per usual cup and handle entries.
We were actually tracking an ascending triangle in the last fortnight of February which would have taken us to the same level. We have some confluence in this sense. As mentioned earlier would could infact go higher but this would be a take profit level for short term to mid term trade.
Good luck,
***
***
Any trading advice provided has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information provided you should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. You should seek professional personal financial advice before making any financial or investment decisions.
All investment and trade decisions, no matter how well investigated, involve risk.
***
