Siacoin: Rinse and Repeat
The setup displayed in front of you today is a prime example of market cycles repeating themselves, I have clearly illustrated on the chart the similarities between the two extended moves up.
I'll strip this chart down from top to bottom.
Firstly, you can see both moves up fell back to the 0.618 retracement level before finding a solid support.
Both carrying similarities in terms of time and price, you can see move 1 lasted 5 days and 20 hours counting up to 140 price bars.
Move 2, on the other hand, lasted 6 days and 17 hours counting up to 161 price bars.
Taking a look at the chart shown below we experienced a very similar move in terms of price structure as well.
Both start off from high to low, of course, followed by a further 3 lower highs and 2 lower lows.
From there we saw a lot of consolidation before price direction suddenly changed as both created a higher low at a solid level of support.
Following the higher low, both re-tested the previous high (lower high 3).
In the first situation this is what sparked the move up to 740.
Will we see a similar breakout to reach 900? Only time will tell.
Price is now @ 660, quickly approaching the high of 740.
You can keep up to date with the progress of this position on TradingView: https://www.tradingview.com/chart/SCBTC/5LcYaXeg-Siacoin-Rinse-and-Repeat/
I am invested in some siacoin so lets hope you are right!
We're on track right now, price has broken "lower high 3" and still holding a lot of similarities to the previous move up.
I'll update my analysis on TradingView in the near future.
upvote and follow i'll do same
https://steemit.com/introduction/@arsalanahmed/how-to-introduce-your-self-in-different-situations
Of course :)
Sounds Good :D Thanks :)
I still know how I bought sia at 75 satoshi. And sold at 150.
One of my first good trades. But only a small amount.
Then I bought again about 500 and wait .. and wait .. and wait :)
That's a good return! I'll be holding Siacoin long term, they have huge potential and it's undervalued in my opinion.
I agree. I have a few coins that I want to keep long term.
And a few that I trade shortly.
I am still a beginner, but I think I know what I am doing! :)
Wish you all the best!!
Of course, if you're in profit you're doing something right :) you too my friend.
Well that was quicker than I expected too.
Really enjoy the project as well.
Once we see a break and close above 630 we'll see a move to 690.
Hopefully, they'll focus on marketing going into 2018, it would be great to see them sign a few big deals.
That would be awesome. They really need to get some more functionality packed into this site though.
I don't see major adoption anytime soon for the fact it's not a simple platform.
That is actually part of the problem. Dan did not quite go for "economic simplicity" when it came to steem design.
Not sure how much you have read up on steem but steem power isn't even the currency used for "staking" and getting rewards. There are two more, vests and reward shares that work behind the scene.
Then you have all the SBD complexities.
Who knows.
Very interesting, thanks for sharing your TA of Sia using TradingView @lewisglasgow! I've been holding on to Sia ever since it was 2/10 of a penny as it is one of the blockchain projects in which I have the most faith, especially on a technology level (STEEM is the other project).
There are big updates to its software that are in store for this week according to reports from the Sia founder on the slack channel, so looking forward to a nice pump in the next few days!
You're more than welcome! I'm fully behind Sia, the coin has major potential and it's about time more people realised this too.
I'm not on the slack channel, is it worth joining?
The Slack channel is pretty useful since the Sia dev team is usually on there keeping everyone up to date on everything they're working on - it's definitely worth joining for sure!
Been looking at this coin, what is its main use for guys? litecoin doing well this week for sure.
Hey Lewis, glad to see you posting on Steemit!
Can't wait to see your upcomming tutorials and predictions :)