LewisGlasgow
Panjang

Siacoin - Rinse and Repeat

POLONIEX:SCBTC   Siacoin / Bitcoin
Before we dive into today's analysis, I'd like to thank you all for your continued support in helping me reach 5,000+ followers, I'm extremely grateful!

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.

snapshot


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.

snapshot


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.

snapshot


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.
Komen: Well, that was quicker than expected.
Komen: It seems price is repeating the exact same pattern as before, it broke the previous high followed by a sharp decline.

snapshot


Once price finds support we should see an extended move up.
Komen: Price found support at 580 followed by a move up to break the high at 640, we're now on track for a move to 690.

snapshot
Komen: We're quickly approaching 690, expecting a drop before the next move up to 740.
Komen: Pay attention to these levels going forward, we may see one more drop between 690 and 700 followed by a breakout to create a new high.

snapshot


Depending on volume we may break 700 and continue to hit 740, key timeframes to watch right now are the 15m, 30m and 1h.
Komen: We're now at 640 support, I noticed a minor support trendline holding on the 15m chart, we shall see what happens from here.

snapshot
Komen: The trendline on the 15m chart held really well, price failed to close below.

snapshot


Keep an eye on this going forward... If this holds we are in for a big move up!
Komen: We have now arrived at 740, once we break the high we will see Sia take off!

snapshot
Komen: Following the drop from 840, price is now starting to show signs of upside movement.

snapshot


The trendline is holding well, looking for Siacoin to stay and trade above 740 over the weekend.
Komen: The market seems to have bottomed after the panic we seen over the last two weeks.

Siacoin has formed a valid bullish shark and bullish deep crab on the 4h chart, which indicates a move to 615.

snapshot
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@LewisGlasgow interested to hear your thoughts on this now, it seems that a similar shape from your low 1 and low 2 is forming again now respecting previous support. Is that fair to say?
Balas
Hey @LewisGlasgow thanks again as always , ther was a bigg selloff today , any ideas on that ? Will we see any change on our charts due to this decrease
Balas
Anoxy cyb3rkat
@cyb3rkat, I think it is just a regular dump as we always see in crypto. As you can see now it is going up again. It touched the support line.

@LewisGlasgow or am I wrong about this ?
Balas
@cyb3rkat, SIA made a huge announcement this morning (see reddit) that basically insulted their potential miners/customers and now all their potential miners and investors backing out and dropping their coin holdings. See reddit for the announcement and all the hundreds of question/answers during their live Q&A. Im still holding my SIA but I only have about $10 USD in their coins, so its not like I have alot invested so will just ride it out for time being.
Balas
@LewisGlasgow Thank you so much for your prediction! I referred to this idea when I created my own first idea here.



I can't wait for it to reach the 900 mark, even if it might take some time... :)
Balas
First of all thank you for the good info. Do you still think it will reach 900 any time soon or better to luck in profits now ? Thanks
Balas
Hi Lewis, been on Sia for a little while and stumbled upon your page. Great to see someone whos involved in mainstream investments following cryptos too, keep up the good work! Lets make some popcorn, sit back and watch this one unfold :) Are you following any others, would love to see your analysis on XRP Ripple?

Balas
@wagwanbebe, thank you I appreciate that, I'm gonna sit on this for a while :) I'm following XRP, SC, MAID and STR at the moment... More analysis to come.
+3 Balas
rhb_3000 LewisGlasgow
@LewisGlasgow, i see you are on it mate! nice work as usual.. looking forward to XRP charting :)
Balas
RareFaction rhb_3000
@rhb_3000, 2nd on that one about xrp!
Balas
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