SC Siacoin last drop before big bull break (hopefully)
Hello All,
My first crypto post :) Due to the market down-turn a lot of people are (including me) are awaiting signs of a strong recovery before diving in again. BTC is showing everyone that when it goes up it can do so with some real conviction.
After the swing high in January 2018, SC has been in an ABC correction. It is showing none of the recent bullish behaviour of BTC. Wave A was quite strong and reflected the sharp drop in the market at the time. Wave C is not looking like it will make a 1:1 wave A extension due to the slope of the wave is much shallower and the sub-waves smaller. I would extect wave C to make somewhere between a 0.618 wave extension and the 1.618 sub-wave 1 of wave C extension (green box). It may get there, it may overshoot, or it may fall short. Let's see what happens.
Everyone has been feeling the pain of the past few months. Remember to keep a close eye on things, do your own research, and lock in profits along the way.
Disclaimer: I own and mine SC. I normally have a disclaimer about how my published analysis is 100% technical and 0% fundamental,however, my decision to buy an mine SC was made primarily on fundamental analysis (use case, developer progress etc) although I haven't been following any recent news from SC.
My first crypto post :) Due to the market down-turn a lot of people are (including me) are awaiting signs of a strong recovery before diving in again. BTC is showing everyone that when it goes up it can do so with some real conviction.
After the swing high in January 2018, SC has been in an ABC correction. It is showing none of the recent bullish behaviour of BTC. Wave A was quite strong and reflected the sharp drop in the market at the time. Wave C is not looking like it will make a 1:1 wave A extension due to the slope of the wave is much shallower and the sub-waves smaller. I would extect wave C to make somewhere between a 0.618 wave extension and the 1.618 sub-wave 1 of wave C extension (green box). It may get there, it may overshoot, or it may fall short. Let's see what happens.
Everyone has been feeling the pain of the past few months. Remember to keep a close eye on things, do your own research, and lock in profits along the way.
Disclaimer: I own and mine SC. I normally have a disclaimer about how my published analysis is 100% technical and 0% fundamental,however, my decision to buy an mine SC was made primarily on fundamental analysis (use case, developer progress etc) although I haven't been following any recent news from SC.
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I'm going to call this trade closed - even though I can't short SIA. It is now entering my buy zone and I will buy some more.