Macro view Siacoin
Updated
30 cents is a reasonable price range for Siacoin to reach this coming cycle. We had an approximately 85% correction from the high in April.
We saw the same type of correction from June to November 2017. Next rally up will probably be around 1500% from where we are right now.
There are lots of people saying this is some super cycle and the rising won't stop, it's reminiscent to what i've experienced in 2017.. But once Bitcoin tops (which it will between 150 and 300k probably) everything will go into a multi year bear market again. So get out when you've realized your profits. And get back in when correction levels are around 80% again.
We saw the same type of correction from June to November 2017. Next rally up will probably be around 1500% from where we are right now.
There are lots of people saying this is some super cycle and the rising won't stop, it's reminiscent to what i've experienced in 2017.. But once Bitcoin tops (which it will between 150 and 300k probably) everything will go into a multi year bear market again. So get out when you've realized your profits. And get back in when correction levels are around 80% again.
Note
Pattern is still in play, since this is looking to be an expanded cycle it might take longer than it did the last time.Would like to see it hold up though, it has to be around 0.02 next month to hold the pattern. I've been buying back when it was 0.0004, beginning of 2017, 0.007 last quarter of 2017 and holding ever since. I've bought more when i saw the big bottom formation being formed last year at around 0.0035.
Siacoin seems to love these bottoming patterns which are easy to spot once you see them, it looks like it's doing this again. And every time it breaks out it triggers a massive multi month spike.
Note
This isn't looking good to be honest, i strongly believe bitcoin will go to 30k before we see a turnaround in price action. This means it will take longer to play out, that being said the targets are a lot higher if this takes more time, we might even see .50 cents or even a dollar if this pattern plays out till the end of this year.Note
On the weekly this is looking like a big descending triangle, which is very bearish and i rarely see it breaking to the upside. Which is a bummer because i really like this project and i believe it's one of the few that will survive the crypto bubble. We might need to see more pain before the gain, in the mean while i'll continue to average my way in.
Note
still not comfortable about this. SC needs to go back up to the 0.03 range to be sure we're not in a descending triangle, otherwise it could become more bearish and we'll see 0.005 before we go up again.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.