Siacoin(SC/BTC) Update 22/06/2017: Digesting its Gains!!!!!

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Sia has been traded as Siacoin for last two years on Crypto currencies exchanges. It was launched in 24/08/2015 at 50Satoshi made high of whopping 6900 Satoshi then low of 10 Satoshi finally closed at 12 Satoshi making longest wick as compare to any other cryptocurriency on its launch. It remain in range of 14 Satoshi to 166 Satoshi for more than one and half year and finally broken this range in upside on 17/05/2017 and it then went ballistic creating new high ever since its frist breakout of 166 Satoshi level. This level is now a long term support of this script marked as SUPPORT 2 in chart below. After 166 level it faced resistance at 498 Satoshi cleared it finally on 03/06/2017 making it new good support marked as Support 1 in chart below.

Now, Siacoin is trading at 706 Satoshi after hitting high of 745 Satoshi two day back on 19/06/2107. 706 Satoshi level is now a resistance and is marked as RESISTANCE(Green Horizontal Line) in chart below. In trading pattern of last two days, Siacoin seems to be digesting gains of its recent upmove, which is good in term of developing energy for next upsurge.

As you can notice in chart below that Siacoin is following a Rising Channel( blue highlighted diagonal lines), it touches lower trendline then upper trendline of this channel, and as per this pattern Siacoin next move is to touch lower trendline of this RISING CHANNEL. I don't think it will break this trendline on downside,as it has multiple support of 10 Day EMA(Red wavy line) and red dotted horizontal line which falls at 620 Satoshi level.

In conclusion, i recommend to look for buying opportunities in this pair. Good entry point gonna be 638 Satoshi with stoploss of 619 Satoshi. Those who have invested in its script on long term horrizon should hold as this script has potential to touch 6900 level which this script registered on its first day of trading.

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