Siacoin is another fantastic crypto that has gotten caught up in the FUD surrounding BTC and ETH.What business does it have at the current price? Remember, a LOT of people made a LOT of profits recently, and it is natural for them to take it. You need retracements to catalyze long term growth -- that is just how it is... think about how you must cut your hair for it to grow longer.
SC needs to break this descending wedge it has currently. Also, the Long-Term STEADY Growth Line is looking for a challenge, which it will get soon. In case of breakout, the purple lines are your roadmap for resistances. If SC breaks the big red Bottom support line, watch out. That is its critical support area. Without it, say hello to the 420's and below (yikes!) -- DGB anyone?
As is the case with BTS currently, use very strict stops right now. Do NOT trade without them. They keep you in the game. I personally, would wait for confirmation of breaking the first purple resistance line. If that happens with volume, I would go long immediately. That is just me. Define and plan your trades and use your stops! Good Luck peeps!
For new traders, right now at this moment should teach you why sideways price movement is a very good thing. SC is trying to close above the descending wedge. It does not need to go up to do so. It just needs to show stability at its current price level to move away from the wedge and start a consolidation period.
Do not get too excited if it closes outside of the descending wedge -- that is merely Step-1. It is important that you know what is, and what is not a breakout. This would NOT be considered one. Let it close outside of the wedge, move sideways, and most importantly at the moment, ACCUMULATE SLOWLY. SC needs to show strength at this price area. Once it builds strength, the volume buyers can feel comfortable jumping in.
For a direct show of strength, SC would be well-served to test 495 again successfully --strong bounce off of it would show that. If that happens, it is an immediate buy for ALL Short, Intermediate and Long-term Buyers.
Until then, we are not out of the woods yet. Remember, we want to give ourselves the best chance of swinging a successful trade. We can reference our charts to show us when is a good time. A Successful Double test of 495 OR breaking 629 with Volume and closing one candle above it is a BUY! Beware of false breakouts, thats why we look for volume and a close above to confirm what we are seeing.
Best of Luck!
評論
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SC is now testing 495 for the "show of strength" I previously said it would be well-served to bounce off of. This is a critical juncture moment... let's see how it plays out. Make sure you respect your stops!
Hi !Do yo think it is low possibility to be uptrend ?
noahj76
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@HondaJr, We cannot think uptrend yet...The downtrend needs to stop -- look for confirmation after the descending wedge has been broken. Then look for consolidation with a solid base (support established). At that point you can start looking for the uptrend to confirm. Until then, the only reason you would buy is because you personally believe it is underpriced, and a price you're willing to sit and wait on for a little bit.
devilninja777
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Went ALL in at 650.... what do?? :( :( :(
I AM HODLING!!!!!!
noahj76
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@devilninja777, Then HODL. The only way you lose is by selling at a loss. It will absolutely get way past 650 in the future. Just hold it and be an investor -- don't be a trader if you cannot do it with structure and discipline and without emotions.
devilninja777
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@noahj76, I am a shitty trader... but trying to learn. That's why I'm just gonna hold. I was convinced Sia was going to 1000 sats before this dip wrecked me. Hopefully it still will get to 1000+ and hopefully it won't take years
noahj76
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@devilninja777, This dip wrecked everyone -- but it truly only wrecked those who sold. I haven't sold a thing. Just took some time to walk away and go hike with my wife and dogs.... You'll make just as much if not more if you buy and invest in projects you believe in. Trading is tough and shouldn't be attempted unless you know what you're doing! Hope that helps.
devilninja777
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@noahj76, I've been in the game long enough to know not to panic and that patience usually prevails. I am still scared from the post-2013 bear market which took years to recover from... but crypto is in a new realm now so I don't think we will see another bear market that extensive. But I was still a little worried that this was the beginning of a new bear market, the dip was harsher than usual. Now I'm more certain we still have more room to go up. Thanks for the advice... yeah, just gonna hold! :) I should probably buy more Sia under 550 but I am already risking enough BTC in the project