Trend Analysis
The main view of this trade idea is on the 15-Min Chart.
The cryptocurrency Siacoin (SC) appears to have found some support around the 0.014 price level, making higher lows of 0.01425 and 0.0145.
After holding the support line SC attempted to break above its long-term (470-MA) moving average. The cryptocurrency made it to as high as 0.0165. It then broke below 0.016 where it found support again at 0.0145, where it held at trend support. Now SC it back above its long term MA and in a bullish mode in the Supertrend indicator. The Awesome Oscillator supports this move by being above zero and trending higher. Also, the RSI is above 50. Expectations are for SC to rally towards the 0.017 price level. A negation of this view will be observed if SC closes below 0.015.
SC’s Point and Figure Chart also corroborates this view. There has been a break of the resistance trend line as well as a positive crossover on the medium (100-MA) and long term (200-MA) moving averages.
From a longer term view, on the 2-Hour chart, this move in SC still appears to be a countertrend rally as there is resistance observed around the 0.0173 level.
Recommendation
The recommendation will be to go long at market, with a stop loss at 0.015 and a target of 0.017. This produces a risk/reward ratio of 3.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time of publishing I have exposure to SC.
The main view of this trade idea is on the 15-Min Chart.
The cryptocurrency Siacoin (SC) appears to have found some support around the 0.014 price level, making higher lows of 0.01425 and 0.0145.
After holding the support line SC attempted to break above its long-term (470-MA) moving average. The cryptocurrency made it to as high as 0.0165. It then broke below 0.016 where it found support again at 0.0145, where it held at trend support. Now SC it back above its long term MA and in a bullish mode in the Supertrend indicator. The Awesome Oscillator supports this move by being above zero and trending higher. Also, the RSI is above 50. Expectations are for SC to rally towards the 0.017 price level. A negation of this view will be observed if SC closes below 0.015.
Recommendation
The recommendation will be to go long at market, with a stop loss at 0.015 and a target of 0.017. This produces a risk/reward ratio of 3.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time of publishing I have exposure to SC.
Trade closed: stop reached