Siacoin has started an uptrend in the very short-term, and we're looking to see how high it will go. Soon (~5:00 G.M.T.), we will be at a decision point where the local uptrend meets the long-term downtrend. Last night, we saw a bounce off of the top of the long-term downtrend channel, which was not totally unexpected, but tells us to watch upcoming price action carefully to confirm whether or not we are actually witnessing trend reversal.
At the upcoming "decision point," if SC breaks through the top of the downtrend channel, we should see some nice additional positive growth and continuation of the local uptrend. However, if we see another bounce off the top of the downtrend channel, it could rejoin the downtrend and cease this short-term growth.
The positive money flow over the past 24-36 hours has been encouraging, though it has tapered down slightly. Oversold RSI also adds to the promise.
If the uptrend does continue, next target is the 0.00000150 resistance level.
TL;DR - In the next ~12 hours, we should have a fairly decent idea of what SCBTC is going to do in the short-term.
Cheers!
At the upcoming "decision point," if SC breaks through the top of the downtrend channel, we should see some nice additional positive growth and continuation of the local uptrend. However, if we see another bounce off the top of the downtrend channel, it could rejoin the downtrend and cease this short-term growth.
The positive money flow over the past 24-36 hours has been encouraging, though it has tapered down slightly. Oversold RSI also adds to the promise.
If the uptrend does continue, next target is the 0.00000150 resistance level.
TL;DR - In the next ~12 hours, we should have a fairly decent idea of what SCBTC is going to do in the short-term.
Cheers!