Episode 17 Ethereum and Siacoin Technical Analysis and Banks Admit BTC is a Threat!!!
Hey There Everyone
I hope you're all having an awesome Saturday!
Here is your daily dose of Technical Analysis on Ethereum and Siacoin
Disclaim: This is not financial advice
Ethereum TA
Ethereum has broken through the overal trendline on the linear chart, it is now working its way towards the overall resistance line on the log scale. It is holding the overall support line nicely finding support there along side the 50EMA and the 23.6 fib extension level. Wait to see it break the overall trend with corresponding volume for a clear trading signal. The RSI is also just below the 50 line finding a bit of resistance there so watch for the overall trend to break in accordance with the RSI 50 and trendline breaking as well. If all of those break watch out!
Siacoin TA
Siacoin has been moving steadily downward as people are slowly selling off. Volume has been declining along with it and we are now reaching a very appealing zone at which to start looking at some longer term positions. We are at the 78.6 fib level on Bittrex and are almost there on Poloniex. We have a downward penant thats formed so wait for that to break to the upside for confirmation. We are also just heading into the oversold area on the RSI indicator so watch for that for another buying signal. This could be an excellent opportunity too increase bag holdings and wait for Alt season to come back to make some awesome returns!
Watch for BTC to make moves and show signs of confidence, I do believe we've shaken out a fair bit of the overbought altcoins however a few still have yet to be dropped down so by all means if BTC moves to the upside watch for altcoins to take a hit.
As always I do hope you all enjoy what I do and hopefully I'm showing clear signals to help you guys make some wicked trades! This is all subjective so if you see something I do not by all means let me know!