Trade Idea: SC/USDT (Long)
Current Situation:
- The SC/USDT pair is showing signs of strength on the daily/hourly timeframe (choose the appropriate one).
- The price has bounced off a key support level, indicating a potential upward movement.
Key Levels:
- Support: 0.0050 USDT (a critical level holding the price).
- Resistance: 0.0070 USDT (the nearest target for take-profit).
-Next Target: 0.0085 USDT (in case of a breakout above the first resistance).
Technical Indicators:
- RSI (14): Currently in the oversold zone (below 30), suggesting a possible reversal upward.
- MACD: The MACD histogram is starting to shrink, indicating a potential bullish crossover.
-Moving Averages: The price is above the 50-period SMA, confirming an upward trend.
Trade Plan:
1. Entry Point: 0.0036 USDT (after confirming the bounce from the support level).
2. Stop-Loss: 0.0025 USDT (below the key support level to minimize losses).
3. Take-Profit:
- First Target: 0.1 USDT.
- Second Target: 0.8 USDT.
Risk Management:
- Risk per trade: No more than 2% of your deposit.
- Risk/Reward Ratio: 1:3 (high potential reward with minimal risk).
Fundamental Catalyst:
- The Siacoin (SC) project continues to develop, and decentralized data storage is gaining popularity. News about partnerships or protocol updates could act as a catalyst for growth.
Conclusion:
SC/USDT looks attractive for a long position, with a clear support level and potential to rise toward resistance. However, always monitor the market and be prepared for corrections.
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.
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.