The MOTHER of all Cup and Handles - SCUSD Log scale story
Hi all,
Main TA Points;
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1. Log scale chart.
2. Big cup and handle on monthly.
3. 20MA currently acting as support.
4. Break of Ichi looking imminent.
5. Incredible R:R
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Talking Points;
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Going to keep it simple,
Log scale is a fantastic tool to use over long term chart views as well as high volatility markets such as crypto.
SCUSD is painting an enormous cup and handle suggesting a price target of anywhere between $1 - $3.50.
There is a strong possibility that Web 3.0 will be the "meta" paradigm during the peak of the current bull run. Sia/Skynet is arguably the strongest offering in this space with Siacoin offering a significant investment opportunity with considerable upside.
These price estimates are also inline with SCBTC hitting its all time high of 800 satoshis. Should it do this with BTC hitting upwards of 100K we are definitely talking price targets in this range.
***
Estimates;
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Log scale modifies your drawing tools and I'm having difficulty calculating the exact measured move. At this price entry however, liquidating a portion of holdings at 1 dollar would be a prudent strategy having banked significant profits.
I think targets should involve averaging out of the trade in this case given we are looking at a range of $1 - $3.50.
Good luck,
Please consider donating, following or leaving a comment if this analysis was valuable to you.
SIA donations;
807db3f1186dd2a5a40418200064b44a94bffb0e32fac9e713923088a7e3bb0886c2d0281374
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Any trading advice provided has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information provided you should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. You should seek professional personal financial advice before making any financial or investment decisions.
All investment and trade decisions, no matter how well investigated, involve risk.
Main TA Points;
***
1. Log scale chart.
2. Big cup and handle on monthly.
3. 20MA currently acting as support.
4. Break of Ichi looking imminent.
5. Incredible R:R
***
Talking Points;
***
Going to keep it simple,
Log scale is a fantastic tool to use over long term chart views as well as high volatility markets such as crypto.
SCUSD is painting an enormous cup and handle suggesting a price target of anywhere between $1 - $3.50.
There is a strong possibility that Web 3.0 will be the "meta" paradigm during the peak of the current bull run. Sia/Skynet is arguably the strongest offering in this space with Siacoin offering a significant investment opportunity with considerable upside.
These price estimates are also inline with SCBTC hitting its all time high of 800 satoshis. Should it do this with BTC hitting upwards of 100K we are definitely talking price targets in this range.
***
Estimates;
***
Log scale modifies your drawing tools and I'm having difficulty calculating the exact measured move. At this price entry however, liquidating a portion of holdings at 1 dollar would be a prudent strategy having banked significant profits.
I think targets should involve averaging out of the trade in this case given we are looking at a range of $1 - $3.50.
Good luck,
Please consider donating, following or leaving a comment if this analysis was valuable to you.
SIA donations;
807db3f1186dd2a5a40418200064b44a94bffb0e32fac9e713923088a7e3bb0886c2d0281374
***
***
Any trading advice provided has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information provided you should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. You should seek professional personal financial advice before making any financial or investment decisions.
All investment and trade decisions, no matter how well investigated, involve risk.
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.