Hi guys, I am not an expert this is only my personal idea, I'm open to all criticism and advice! So looking at the 4 hour chart of
SCBTC
we see that on 03-24-18 siacoin broke out of the inverse head and shoulders pattern and begann its bullish trend. I have drawn the Elliott waves leading up to the current date which include the 12345 Elliott wave made out of the inverse head and shoulders, the ABCDE correction following the initial Elliott wave and a new Elliott wave which is forming at the moment. My current projection is for the Elliott wave to remain in the channel I have drawn and it has shown effective acting as a resistance for the third wave. Currently a rising wedge is forming which indicates an incoming downtrend. There was also a bearish MACD cross once again signalling for bears. If the price breaks down out of the rising wedge, I project for the new support (Resistance for 03-25-18) to act as the bottom for the 4th wave to drop down to. Another possibility is that the 200 EMA, which has shown to be used as a support and resistance for the coin in the past, will act for the bottom support of the 4th wave. Now we must wait to see what happens, thanks for viewing my analysis I will be posting updates as often as needed.
SCBTC
we see that on 03-24-18 siacoin broke out of the inverse head and shoulders pattern and begann its bullish trend. I have drawn the Elliott waves leading up to the current date which include the 12345 Elliott wave made out of the inverse head and shoulders, the ABCDE correction following the initial Elliott wave and a new Elliott wave which is forming at the moment. My current projection is for the Elliott wave to remain in the channel I have drawn and it has shown effective acting as a resistance for the third wave. Currently a rising wedge is forming which indicates an incoming downtrend. There was also a bearish MACD cross once again signalling for bears. If the price breaks down out of the rising wedge, I project for the new support (Resistance for 03-25-18) to act as the bottom for the 4th wave to drop down to. Another possibility is that the 200 EMA, which has shown to be used as a support and resistance for the coin in the past, will act for the bottom support of the 4th wave. Now we must wait to see what happens, thanks for viewing my analysis I will be posting updates as often as needed.