BTFD!
Well my original SC buys are under water with SC taking the mother of all dumps as a result of the recent BTC price action. Creating one hell of a dip to buy! I have more than doubled down on my original (underwater!) investment here, at 41 sats.
SC has fallen all the way down to 78% all time fib, 78% recent impulse fib, and an all time strong horizontal support. Looking back (left side) at the last time we took a fall like this, it rebounded to the $0.03 area (100%+ from current price). So in simple terms... SC is a long at this point!
Market cap currently ~750m.
Position 97 on CoinMarketCap. (SC was a top 20 coin once upon a time!)
Plenty of upside potential here for an active project, with active products, even just returning to a fraction of its prior highs (USD or BTC)
On the very short time frames, we seem to be forming a little wycoff accumulation box. So we should head to the top of that box, before pulling back either to the 50% level; or if BTC retests the 30k lows again; that'll create a form of spring for SC at the bottom of the box again. Personally i'll be looking to sell near the top of the box 52-55sats, and re-long the following dip.
Once we eventually break out of that box, and at the same time, the larger falling wedge we're in (against BTC). This should push up to the 60-70sat area. But there's a lot of volume there; so it will likely take several goes to get through it. (Likely creating good range bound trading opportunities for a little while)
I'll update my thoughts thereafter. I still have high hopes for this coin later this year -- but let's just ride the bounce / reversion to the mean first. Then we'll try to road-map the rest!
SC has fallen all the way down to 78% all time fib, 78% recent impulse fib, and an all time strong horizontal support. Looking back (left side) at the last time we took a fall like this, it rebounded to the $0.03 area (100%+ from current price). So in simple terms... SC is a long at this point!
Market cap currently ~750m.
Position 97 on CoinMarketCap. (SC was a top 20 coin once upon a time!)
Plenty of upside potential here for an active project, with active products, even just returning to a fraction of its prior highs (USD or BTC)
On the very short time frames, we seem to be forming a little wycoff accumulation box. So we should head to the top of that box, before pulling back either to the 50% level; or if BTC retests the 30k lows again; that'll create a form of spring for SC at the bottom of the box again. Personally i'll be looking to sell near the top of the box 52-55sats, and re-long the following dip.
Once we eventually break out of that box, and at the same time, the larger falling wedge we're in (against BTC). This should push up to the 60-70sat area. But there's a lot of volume there; so it will likely take several goes to get through it. (Likely creating good range bound trading opportunities for a little while)
I'll update my thoughts thereafter. I still have high hopes for this coin later this year -- but let's just ride the bounce / reversion to the mean first. Then we'll try to road-map the rest!
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