Long

New price trend showing up

Updated

We finally have a new price trend showing after the break of the last trend line. We have stabilized in the 160-170 sat range and have steadily held this against strength held in bitcoin. The third touch of the trendline gives us moderate confidence in this trend and it still needs to be watched, especially if bitcoin surges again. If the price holds against another large surge in bitcoin, we are likely at the bottom for SC, which would see us improving price over the next 3-4 months. Of interest to note is that we have positive news for SC coming in the next month: September update release which finally provides file sharing, the first SPV wallet release about a week away and the biggest would be the start of the beta for minebox. Minebox is the one I'm watching closely, as it will become the first commercial application of Sia, which will also be a first for any cryptocurrency. Minebox beta is expected to last through september and then go into release of version 1.0 near the end of the month. I cannot overstate the value of a real world application such as minebox on what will happen to SC price. A successful launch of a commercial product with Sia as its backbone is proof of concept, which means companies such as Amazon S3, dropbox and other providers must take them seriously as a storage infrastructure option. I'm sure they are also watching closely the results of the beta. This could very well be the last time we will see SC at these prices as it starts to follow the normal crypto bubble curve upwards towards its' ATH and beyond.

If you are not in this trade yet, you should closely watch the price trend against BTC price to see if the trend holds. Buy in smaller quantities and if the trend continues to hold, continue to buy-in over the next 2-3 weeks before minebox beta is complete. The upside reward could be significant. If minebox beta has problems, then wait for a potential pullback to buy more.

I am starting to accumulate another 10M SC at this level. If the price trend holds, I will add another 10M SC near the middle of September.

One final note: David Vorick is on the Mark Cuban backed venture capital fund. There's a reason he's on this panel, because he is an extremely talented and knowledgeable individual in the crypto space. It would be good for you to know who David Vorick is and his vision for Sia. You can see more information here:

reddit.com/r/siacoin/comments/6vbagg/david_vorick_sia_ceo_is_on_technical_advisory/

Sia is a long term hold. My original estimation of 1-2 months in doubling of price is still valid, and given where Sia is in the crypto cycle right now, I am seeing that this will be an extremely conservative estimate, and we are more likely to see $.04 in 6 months if SC breaks its' ATH.

Note

We finally got the pump we've been waiting for. There is a lot of attention being brought for September for all the things are about to happen that I listed above. Sia is also getting attention in the press at the right time when many of the hedge funds are looking to buy into innovative drivers.

I have also placed a presentation by ICD Futurescape predictions for 2017 worldwide IT industry online.

ufile.io/isltb

You'll notice that cloud storage is about to explode exponentially. Those that understand what the potential of this field are in the next couple of years are looking closely at technologies like Sia. The key is the technology, and with Sia's big update coming in September, and the potential first commercial product in the same month, it's going to become the one to watch here over the next 6-12 months.

Note

We are finally reaching a point of inflection for SCBTC MA. This is another confirmation of our reversal of the price trend.

There is also fantastic news coming regarding Minebox. They have recently stated that all the batch 1 Mineboxes will be based off the Gen 10 ProLiant server from HPE.

twitter.com/mineboxHQ/status/903689673486295040

In addition, I spoke to the Minebox founder and he stated that they are currently on track to go into full release of the product by the end of Sept. This is huge news for SC as Siacoin is about to become a real consumer product. The first for any crypto.

Note

After the nice surge we received a couple of weeks ago, the price has returned to our support points. I have marked the 3 key levels, and we are currently sitting on the lowest price support reached on Oct 16. With the BTC drop, SC has again been very resilient at these prices. Currently, it's holding on our last support line, but if this breaks, I would like to see this take a big dip down towards 100 sat and finally shake out the weaks hands in SC, so that we can continue the rise up. We have had an extended period of consolidation here at the bottom, but there is still selling pressure that needs to resolve. Tops and Bottoms are violent affairs, so patience here is again key.

Note

Support continues to hold in this range, which is really support from the previous rise up. Our extended period of consolidation is beginning to show more support, as the last drop in BTC barely moved SC price. We may finally be ready for our rise up. It's the middle of September and I have begun more accumulation of SC.

Note

SC's selling pressures have continued to diminish through the 3 stages of this drop. We are now getting compression at the bottom, and it is likely in the coming weeks that buying pressure will continue to overtake selling. We saw the same compression in the 2nd part of the drop, but selling pressures increased with the drop in BTC price. In our 3rd stage, the BTC price drop had less of an effect on SC price as organic buying pressure continues to increase at these levels. If we do have another drop, I suspect it will be minor and that we are finally reaching the inflection point we've been waiting for in SC price.

Note

Based on the timeframes of the last 3 drops, I'm estimating we have about a week before price starts to turn up. I'm currently in my 2nd round of accumulation for SC for our the rise back up.

News from Sia: Minebox is still on track for release at the end of this month, and will provide good news again for the first commercial product using Sia as a back end. I feel this is the most significant development for Sia as this is proof of concept in a real world application. The major update for Sia this month was pushed back until November, but the Sia developers have said they will release minor updates this month, which include part of the changes to the Sia UI. The Sia UI overhaul will be a much needed change, as the application still has some issues that need to be worked out, and a more friendly user interface will help adoption of Sia, so these are developments worth waiting for.

Note

I forgot to mention the 30 day moving average I've placed on the chart shows the slope continuing towards zero, which is where we expect to have our turn upwards. If price makes a move up to around 180-200 again, then we will finally have reached the point of inflection in the curve and this will be a strong signal that our price trend has reversed.

Note

I've been monitoring this bottom and it continues to hold well. The previous 2 drops were both around 22 days long, and we have about another 5 days before reaching the same point in this 3rd drop. We should hopefully see a nice slow rise that begin to accelerate over the next month.

Note

We're coming to the end of the next 22 day cycle that I've been tracking. I think that we should get a better picture of the price trend over this next week. If you're still wondering when to enter, now is the time to buy the dips. I've completed by last cycle of accumulation, and now comes the patient wait for the crypto cycle to complete.

Note

SC continues to track well and is showing a more bullish response from the bottom. We are still waiting for a break of 180-200 which will show us the reversal is underway. In addition, we continue to see bullish energy increasing in SC, which is a good sign going into Oct/Nov.

Prothius187

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