Hello, I am back for another technical analysis on SIACOIN.
We recently saw SIACOIN retrace back about 50 - 60 % of it's recent All time high. I see a wonderful opportunity to enter the market right now at those price levels. You have to be greedy when everyone is fearful.
It is obvious that the entire market including BITCOIN needed a big breathe before moving towards higher highs. This next month is going to be decisive for SIACOIN and I am quite bullish looking at the chart.
We are now finding support at approximately 0.025 euros ( O.03 dollars) levels. If we manage to get this weekly candle to close above this level (support) I will get very bullish for SIACOIN.
However, we could see a quick wick to the downside pushing the price as low as 0.018 or 0.019 euros below the support level and then a big push to the upside (The so called sling shot). Be careful if you are trading with high leverage which I wouldn't recommend on SIACOIN because of the extreme volatility. Just Buy the coin and hold it.
Also looking at the volume on the weekly chart, it is constantly growing and it is clear that more and more people are trading SIACOIN whether it is for buying or selling. So also quite bullish signals here. For instance, I just looked at the reddit community and there are already 43 - 44 k people that joined the group since it was created. One month ago, we were only 32 k. This is a rough 33 percent increase in only one month. amazing stats.
That's it for me. Have a nice Sunday and keep supporting this wonderful project by holding your SIACOIN!
Cheers,
geo_delmar
We recently saw SIACOIN retrace back about 50 - 60 % of it's recent All time high. I see a wonderful opportunity to enter the market right now at those price levels. You have to be greedy when everyone is fearful.
It is obvious that the entire market including BITCOIN needed a big breathe before moving towards higher highs. This next month is going to be decisive for SIACOIN and I am quite bullish looking at the chart.
We are now finding support at approximately 0.025 euros ( O.03 dollars) levels. If we manage to get this weekly candle to close above this level (support) I will get very bullish for SIACOIN.
However, we could see a quick wick to the downside pushing the price as low as 0.018 or 0.019 euros below the support level and then a big push to the upside (The so called sling shot). Be careful if you are trading with high leverage which I wouldn't recommend on SIACOIN because of the extreme volatility. Just Buy the coin and hold it.
Also looking at the volume on the weekly chart, it is constantly growing and it is clear that more and more people are trading SIACOIN whether it is for buying or selling. So also quite bullish signals here. For instance, I just looked at the reddit community and there are already 43 - 44 k people that joined the group since it was created. One month ago, we were only 32 k. This is a rough 33 percent increase in only one month. amazing stats.
That's it for me. Have a nice Sunday and keep supporting this wonderful project by holding your SIACOIN!
Cheers,
geo_delmar