SCBTC trade ideas
One Last Chance to Short SiaShort or Long... you decide, but it doesn't look good for SC right now. The red diagonal resistance lines are pushing it into a long term consolidation. I would guess we test that blue diagonal resistance line once more before dropping to level off for a bit prior to a slow bleed back to the mid 50 satoshi mark. This will be the third time something like this plays out if it does. Short now, check back mid summer. Keep in mind that technical analysis aside, a new batch of Bitmain A3's is hitting the market this week and people will want to pay them off asap (i.e. dump everything they mine).
Not investment advice, good luck if you trade this idea.
SCBTC - Miners, dips, and issuanceWhile BTC leads alts around by the nose, some decline in SCBTC is expected, and this latest dip warrants analysis.
RSI on this timeframe shows bearish divergence since December, intensifying across the last month, with some bullish divergence from the bottom end as "knife-catchers" get more confident. *IF* the current dip is actually a jaunt down the next channel rung, the intersection with fib retracement would set a possible price point around 140-150 sats between March 5 and March 22. The long shadow of this downchannel looks like it could be in accumulation territory for some time. *IF* the current dip brings enough trade volume (hasn't yet) then the potential exists for nearing 250 sats during that same period.
Between the VPVR and the speed at which the price increased, there may not be much support for SCBTC between 150 and 200 sats without manipulated orders (but hey, this is crypto).
Now for the fun part.
The drama surrounding Siacoin and the ASIC miners released by Bitmain are another opportunity to study cryptoeconomics from a "crypto-ecologic" perspective as the dynamics of supply and demand change at the crux of miners' production, accumulation, and circulating supply. The uncapped issuance (down to 2.3% after 20 years) makes this value difficult to peg without high levels of use of the network. Siacoins are used to pay for decentralized storage of data via contracts where the storage seller consistently submits proofs of storage to the network, these proofs are included in the blocks mined for inclusion on the chain. The number of contracts has decreased recently following steady growth during December and January. (siastats.info)
Bitmain offered the A3 initially at under $1,000 per unit, making the production and accumulation much easier, increasing short-term bearish outlook for SCBTC, but increasing the overall money invested in the network hashing power. Interest in- and utility of- the SC network in combination with the increased difficulty should make for longer-term bullish trends, but the cost for production in the near-term makes accumulation possible for buyers in addition to miners during the lull before prospective increased network use. It is possible that larger entities with lots of data to store and an eye for low-cap investment would buy the miners to pay for the data, unloading their accumulated coins as prices make future jumps, damping the highs of volatility for the future. There are also competitors to contend with in the decentralized storage space, however the ASIC miner development could potentially swing more network participants to the Siacoin network. If nothing else, this will be interesting.
* NOT A PRO * DYOR * TAKE YOUR OWN ADVICE *
Work the muck, and I'll see y'all come harvest time.
Sia Coin: Desire to Inspire on the way to the moonMaintaining the .618 on my Fibonacci, Sia currently rests on a long-term support line that it’s previously broken twice before on the 1-day chart. Looking into the future Sia could rise from here to .236 with the possibility of feeling significant resistance just below .382. Alternatively, falling through its current support line Sia Coin could drop down to the .786, a great place to buy before bouncing back up to .618 and feeling resistance just above there.
Sia Coin desires to inspire with CEO David Vorick being quoted as saying, “the desire to inspire is, in itself, an inspiration for me.” Are you inspired to buy and grow this platform? This post is by no means a guide, but just an idea. If you want in perhaps you could buy half now at the .618 planning for a drop to .786 where you might buy the rest. If Sia breaks out of the .618 grab the rest and enjoy your trip to the moon!
Possibility Of Siacoin.At the moment the price is below the descending triangle that was formed before. The TD sequential shows that the countdown has reached to the point where reversal is likely to happen. RSI also shows that SCBTC is oversold at the moment at 20. The long wick below the candle indicates that support came in as soon as the sell off took place. SCBTC will challenge the 50 EMA blue line first then 200 EMA line pink line afterwards. A failure to close above one of the lines on 4H chart could result in SCBTC falling again to support at 61.8 fibonacchi to test again. If the support is not strong enough then it will likely to fall to the stronger support line below. The big dotted red line is where you should put your stop loss in case you decide to buy in now (aggresive). I cannot see any figure so far than the previous one. On the other hand, bullish divergence is starting to form on the MACD, but there are still room for price downwards. The price is currently in the middle of the trend channel so it could be either way. Anyways, after some time we will be able to see a new figure forming to determine which direction to go.
Personally, I think a drop to 78.6 fibonacchi would be more likely but it is too early to tell. A retest to resistance line will probably happen.
TA on SIAcoinDid a TA on SIAcoin against BTC. Looks like its pretty bearish from the TA side of things. It broke support at 246 sats and might be heading towards next level support at 185 sats. Its moving below EMA and thats usually a bearish sign. However, one main reason is also because BTC is moving up fast so most alts are going down. But my best bet is to exit of SIAcoin and enter back to BTC just from TA perspective.
Downtrend channel with broken supportSCBTC is travelling in a downtrend channel.
After testing the trend line at 261 sat a few times, broke it and travelled quickly to down trend line of the channel.
Heavy oversold RSI and the trend line may give a push and we may expect a bounce to the now resistance at 261 sat.
If it broke the down trend line of the channel, next support is at 140 sat.
Siacoin ExpectationsI'm holding a few SC for months, but I think that it's time to take it out of my wallet, it's time to trade this stuff. I think that this lines-on-the-chart will be the next move.
Don't take this as an invest advice, I only draw lines on charts and want to know if my thoughs will be reality.
Possible Double Bottom ?Hey Yall
Its not as clear on the 1 day chart, but on the 4 hr & 1 hr chart it seems that a possible double bottom is forming on the 50% retracement line. Seems we have strong bullish presence at the moment but will be keeping an eye on the situation to see how it plays out.
COINBASE:BTCUSD is on a strong bull run at the moment, but we will see if BITTREX:SCBTC can keep the bull run going before the BTC corrective candle.
Sia May Be Headed LowerSiaCoin has corrected rather sharply since mid-January, followed by a brief downtrend this month. However, the coin seems to be headed lower again. After facing resistance from the 50-Day EMA, Sia price has moved lower over the last few days and the next level of support for the stock will come from the 100-Day EMA at just over 220 Sats.
With no specific bullish triggers in sight, there's a good chance the coin could slip to this level. Further, Sia's MACD doesn't look poised to make a bullish crossover with the signal line right now, which is another bearish signal. SiaCoin is far from oversold territory, which allows room for further downside. However, if you look at the volume profile, it confirms the support and resistance level that SC will hold for a few next weeks.
