Hello traders, following up from my successful prediction for Siacoin (chart is shown below), I'm now looking at the bigger picture for potential moves throughout June.
As you can see from the 1h chart, price exceeded the high at 590 and peaked around 740, followed by a 30% decrease in price.
This has provided an excellent outlook going forward as I can determine the major levels of support... I have highlighted the areas of interested with grey circles.
As we all know, the cryptocurrency market can be unpredictable at times, this is why I am providing several outcomes for Siacoin in the near future.
1. Respecting the support trendline, price will continue to trade above 500 making a move towards 850.
2. Experience a 50% drop to the lower trendline, followed by a steady move up to 850.
Of course, price will not follow this exact outline but I am highlighting the levels it may meet before seeing a move up to 850.
These two outcomes do not factor in a correction for BTC, if we see this happen, pay close attention to the price structure provided and use it to your advantage.
In addition, price formed a valid AB=CD on the 15m chart which hit TP 1 at the 0.382 retracement level, let's see if it can continue to hit 0.618.
The main purpose of this post is to highlight the key price structure within the market.
If you want more trading inspiration, connect with me below.
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Siacoin is preparing for the next move up, we need the support trendline to hold in order for this to happen.
A close above 610 would put us in good stead for a move to 850 in the near future.
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Prediction 1 is working out perfectly, if support at 610 doesn't hold we may see a move back to the trendline around 540 followed by a move to 700.
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Price has now reached the trendline at 540 as predicted, if this support trendline holds we will see a move to 700.
If not, price will drop to lower support around 490.
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Here is a comparison between my prediction and the current price for Siacoin.
Before.
After.
I'm expecting a steady move up to 700 going into a new week.
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Pay close attention to support at 490, price failed to close below this level.
Let's see if we continue to trade above this support level.
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Here is a potential outcome for Sia this week, following a similar cycle to what we just experienced.
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Current price structure in the market, I see price moving sideways this week to prepare for the next move up.
Pay close attention to the support trendline, a break of this would mean further downside movement.
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Price is now approaching the trendline, if we experience a breakout the next area to watch will be 630.
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Quick update on Siacoin and I'm now on Steemit!
Firstly, the resistance trendline is holding well, we may see a drop to around 500 before the big move up.