Bottom consolidation and compression ready to move up
Updated
Well we've finally gotten an inflection point and we are seeing what looks like consolidation at the bottom. Bittrex looks better than Poloniex, but both are showing the same signs of reversal. We must see a break above resistance at 70-75 to get our first true reversal signal. I am already long SC and waiting for the return of the alt bull run. As you can see from the graph that we have been getting a nice consolidation wave that is compressing into the Ichimoku cloud. If we see a strong break here at 70-75, then we will likely see buying pressure push up towards 100 and our next line of resistance. The blue lines were previous support that will ultimately need to be broken. If we cannot break at 70, then we will see a drop before another rise to try the resistance at 70 again. If you're not in this trade yet, then wait for a break and confirmation of 70-75. If you're willing to wait longer, then buy in now at the current levels, as we're seeing the alts starting to bubble up again, which means more money will be moving to alts and we will see the alts move into their next bull run after the 2nd bull run in May/Jun 2017. Remember to not chase profits. Buy into quality crypto that has potential positive news and HODL. I wish you all luck in your trades. DASH and ETH led the last bubble earlier this year, and again we're seeing them leading the way. I've already preparing myself by buying into key alts for the potential for the 3rd bubble to start back in Sep/Oct. According to altindex.io, we are seeing the beginning of the alt bull run.
Note
This evening SC broke out of its consolidation and has given the first confirmation of a reversal. Our next goal will be to break above 100, and finally above the previous heavy support at 140-150, which will take some time.Note
Sc continued its drive over 100 last night, with Bittrex reaching over 110 sat before both settled down just under 100 sat. We're getting additional consolidation now, which is healthy, and our moving averages are all turning up. Very bullish signs for SC. I see the short term targets as 140 sat and 240 sat. Both of these points are the beginning of heavy resistance and we are likely to have pull backs when these are reached.Note
We finally got a nice strong break of 100 sat tonight. Movement was strong and we are headed towards 140-150. There is quite a bit of resistance in this area, so watch to see if we break or need to pull back. This is second signal for reversal and it's a strong signal. If you entered at 70-75 as recommended, you've done well. Next targets are 140-150 and 250-260.Note
BOOM!Note
Here's a look at the big picture I drew several months ago. Sia is beginning its climb back to its ATM in sat. If you've been in crypto a while, then you already recognize this cycle. HODL for the long term if you want to see 1000%+ gains.Note
It's been quite an impressive week for SC. The second leg pushed us up into resistance at 250-260, which started a correction. The correction was badly needed, as we had stretched too quickly to the upside and I was really happy to see it happen. It was a beautiful tap on the .5 fib during the correction and we may be looking at more upside soon to retest 260.
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