Does anyone SC(ee) this? SC/BTC Potential Trend Reversal
Hello everyone, I hope you're all doing well.
The end of the crypto winter is quite close and multiple indicators are showing some major altcoin recovery that will happen in the near future.
Eventhough, the downside on some altcoins might still happen, I would like to showcase one of the altcoins that has potentially hit its bottom and might do a trend reversal on a Shorter and Longer time frame and that is Siacoin (SC/BTC).
SC/BTC is looking to be in the very good spot as it has hit its crucial Support/Resistance that has been important for it throughout its history and this is 26 satoshi price level.
As it can be seen from the Chart that is posted, SC/BTC has failed to close a candle beneath a 26 sat price level for more than a month, ever since this price level has been tested. It has successfully bounced more than 8 times from this price point indicating that this is a very strong and important Support for Siacoin.
The EMA 50 and EMA 200 have been looking excellent on 4 hour candle indicating that there might be a potential crossover which could indicate a short trend reversal. Ichimoku cloud supports have been pierced which means they also represent a short term support at this levels.
Regarding the weekly chart, Siacoin SC/BTC is looking extremely oversold on RSI which indicates a good opportunity to enter.
Short term targets are:
40 satoshi
60 satoshi
Long term targets are:
100 satoshi
120 satoshi
200 satoshi
260 satoshi
300 satoshi
The end of the crypto winter is quite close and multiple indicators are showing some major altcoin recovery that will happen in the near future.
Eventhough, the downside on some altcoins might still happen, I would like to showcase one of the altcoins that has potentially hit its bottom and might do a trend reversal on a Shorter and Longer time frame and that is Siacoin (SC/BTC).
SC/BTC is looking to be in the very good spot as it has hit its crucial Support/Resistance that has been important for it throughout its history and this is 26 satoshi price level.
As it can be seen from the Chart that is posted, SC/BTC has failed to close a candle beneath a 26 sat price level for more than a month, ever since this price level has been tested. It has successfully bounced more than 8 times from this price point indicating that this is a very strong and important Support for Siacoin.
The EMA 50 and EMA 200 have been looking excellent on 4 hour candle indicating that there might be a potential crossover which could indicate a short trend reversal. Ichimoku cloud supports have been pierced which means they also represent a short term support at this levels.
Regarding the weekly chart, Siacoin SC/BTC is looking extremely oversold on RSI which indicates a good opportunity to enter.
Short term targets are:
40 satoshi
60 satoshi
Long term targets are:
100 satoshi
120 satoshi
200 satoshi
260 satoshi
300 satoshi
Comment:
Wanted to exit sc at 25, but didn't pull the trigger...
I'm holding right now as the next key support for SC is 18-21.
I'm holding right now as the next key support for SC is 18-21.
SC is dancing between 25/26 satoshi. If it breaks the 25/26 support, this could mean a more potential downside.
I'll keep everyone updated.