Ahoy traders!
Siacoin is one of those coins that haven't moved along with the market, yet.
This is one of those coins I'm looking to swing trade or invest to on a bit longer term. Coins like these are often moving slowly but giving good profits in return.
Trading Information
On the chart it is showing a Bullish Reversal pattern called as the Falling Wedge and has already broke out of it. The price target for the pattern is at 0.0000039 level near to 0.618 fib level. This is the first signal that signifies the price wants to push higher. What I'm looking right now is to have another signal that supports upward movement and that the trend is actually changing. The second signal comes from EMA26. Once the daily manages to break and hold above of EMA26 level, it gives more validity to this break out.
It is ranging in between of 0.00000177 - 0.00000160 levels.
The first resistance level is at 0.00000179 and needs to be taken down before it is able to continue pushing higher. Additionally it can be considered as another confirmation of trend reversal. With confirmed signals and increased volume buy orders can be set above of this level.
Final confirmation is coming when EMA12 crosses above of EMA26. EMA cross often signals of the beginning of an uptrend. This is something to follow through.
Conclusion
This is looking very desirable at these levels and at the same time requires patience. My strategy is to open smaller positions at a time and increase them with confirmed signals.
This TA is mainly focused on those who are looking in to this on the longer term and have patience.
Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP!
If you need help with trading, finding information or courses let me know and I’d be more than happy to help you!
DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
My list of trading tutorials
Lesson 1 - Beginner's Guide: How to use Moving Averages to Day Trade?
Lesson 2 - How to Trade a Selling Climax with Cryptocurrency?
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