Hi guys, today I bought Siacoin for a short term trade, here is where I bought in:
However, the reason I bought in is not visible on the hourly chart. It is on the daily chart and here are my buying triggers, trendline, bollinger band and MACD:
Comment: As you can see, all these triggers are fullfilled on the daily chart.
However, that is not enough we still have 2 more factors and those are the Fibonacci levels and the overall market trend.
So, lets begin with the Fibonacci level over at Poloniex:
Comment: From this daily graph we can see that Siacoin has formed a foundation around the 23,6% fibonacci level. That is what we want and the next target for now should be the 38,2% level followed by the 50% level.
Finally, lets have a look at the overall market over at Coinmarketcap.com:
Comment: From this graph, we can see that all cryptos bounced from the 66 USD Billion mark and has now formed a nice V-shaped bottom and right now the total market cap is 94 USD Billion. We need Bitcoin and Ethereum to be in an uptrend when we buy a smaller coin such as Siacoin.
Now, what is my objective with this trade? Well, if it close below 0.0000025 BTC I will terminate it.
But lets look at the upside, here is the daily chart and my goals are marked in the chart:
As you can see I have 3 targets I am aiming for and I will make a decision at each target if I will hold or sell.
I will keep you updated on this trade as soon as I have something interesting to tell.
If you are interested in Siacoin you can follow it here:
https://bittrex.com/Market/Index?MarketName=BTC-SC
Happy trading!