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 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.
Once price finds support we should see an extended move up.
Depending on volume we may break 700 and continue to hit 740, key timeframes to watch right now are the 15m, 30m and 1h.
Keep an eye on this going forward... If this holds we are in for a big move up!
The trendline is holding well, looking for Siacoin to stay and trade above 740 over the weekend.
Siacoin has formed a valid bullish shark and bullish deep crab on the 4h chart, which indicates a move to 615.
Join my Telegram Channel: https://t.me/SixFigureCapital
I can't wait for it to reach the 900 mark, even if it might take some time... :)