Siacoin Rudimentary Elliott Wave Pattern - Long Trade
Updated
Here we see a basic Elliott Wave Pattern where wave 2(corrective wave) has not retraced 100% to wave 1, wave 3 is clearly the longest, wave 4 has not retraced to the top of wave 1, and wave 4 (corrective wave), appears to be yielding to wave 5, which is potentially the final impulse wave. Siacoin features longer addresses which are cryptographically more secure with longer strings of characters, as compared to standard BTC and other types of digital asset addresses. This is possibly my favorite little guy in the digital asset world today. Those who picked it up at 40 Satoshis are rockin'.
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So after all that, price came down past the 178 level, which has invalidated our wave four. What this means is that price is likely to continue falling, however the entire uptrend represents a motive wave 1, and the recent downtrend represents the corrective wave 2, so we are still looking for that reversal into the motive wave 3, but expecting it to happen at a lower resistance level, perhaps 176 or the 100 mark. Happy Hunting and watch this one closely.
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