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SCUSD trade ideas

Basic Elliot Wave - EducationalThis post is intended for educational purposes only. SCUSD is one of the better Elliot Wave examples I've seen and in my opinion a good use case for the theory. The aim of the post is to share some basic notable points to look for when trying to establish likely scenarios or just review what has happened in a previous impulse and subsequent correction(s). Firstly, EW does not predict the future. Any analyst claiming a 100% accuracy is more likely to have access to a time machine. Patterns take different routes, waves extend and fail, and corrections can transform into a complex uncountable mess. However, the theory has its benefits and can be useful to determine where an asset is in the trend and the likely price & time targets for a future move, whether up or down. Looking back on the case of SCUSD, a list of the notable points mentioned earlier: 1. 5 waves from low to high, clearly visible and difficult to misinterpret a. 3 in the direction of the trend (impulses) and 2 against the established trend (corrections) 2. Alternation between the two corrections (wave 2 & 4) a. Wave 2 was deep at 61% or the initial impulse b. Wave 4 was shallow at 38% at took less time to complete than wave 2 c. Second waves will often have deeper corrections because it's early in the trend. It's simply harder to identify whether the asset will trend or not 3. Wave 3 is 161% of wave 1, a typical extension found in a third wave a. Third waves are typically the longest and will have a much higher participation rate than any of the other waves b. Usually, there's a lot of good news around an asset in third waves, and trend chasers are good at identifying these moves c. As mentioned the participation rate is high and this is clearly visible in the volume exchanged 4. Wave 5 is 61% of wave 1 & 3 combined. There are a number of ways to anticipate the length of a fifth wave but the length can vary based on the asset class a. Fifth waves typically have less participation. Traders tend to take profit in the third when volumes are high and the asset is loved b. Fifth wave participants tend to be retail traders that are late to the party and expect the asset to continue in one direction "up only" c. Notice the difference in Relative Strength (RSI) between the peaks of the third & the fifth. It's rare to see more strength in a fifth wave because of the aforementioned d. With big players out of the market the strength and volumes exchanged during a fifth rarely meet that of the third 5. The wave 2 & wave 4 trendline. Once broken, the new trend is confirmed a. Note, this is not something one wants to wait for confirmation on because price will most likely have already retraced 50+% 6. Bear! The first wave (wave 1) of a higher degree is now complete and so commences wave 2 of the higher degree a. This is not something one would enjoy sitting through. As mentioned in the wave 2 of a lower degree, second waves tend to be deep and take a lot of time b. You can expect a 61% haircut and in the case of SC, that's exactly what happened. c. A wick below and close above on a high timeframe is perceived bullish. This can be expected and a point where traders will be hoping to get some lucky bids filled. d. Expect bad news during this period. The trend will only change once the bad news has no affect on the price, usually once everyone has been flushed out. 7. Correlation in time between the initial impulse and the subsequent correction should be noted. In the case of SC, multiple conditions have been met. a. It has retraced 61% of the initial impulse b. There is a one-one (+/-) correlation in time of the impulse and correction c. Time is too often overlooked. Time and price are the two data points you have by default on a chart. You're missing out if you're using one and not the other d. Wave 2 typically takes a lot of time to complete but provided it has completed at least 38% in time of the initial impulse, the condition of time is met e. Aiming for 61-100% of the initial impulse, and considering price action during that period is a decent approach 8. Resumption of higher degree trend after conditions are met. a. After a first and second wave is complete, the expectation is a third wave. b. A good target for a third wave in the case of SC would be 161% of the first impulse measured from the end of the second. 9. Can you be sure that even if the prior wave 1 high is broken that SC for example is going to complete five waves? a. No, just because an asset is moving upwards does not mean it's a 5 wave (higher degree) impulse. It is also possible that the entire move is a correction (e.g. 5-3-5) b In this case, a likely take profit target could be a one-one extension of the first wave which explains why you will often see selling at price points like the one-one ext. 10. If you made it this far then well done. Hopefully you'll take something valuable away from reading this post or maybe this isn't new information to you and I missed something / mentioned something that is not correct. Let me know in the comments. Good luck out there!
POLONIEX:SCUSDEducation
by MM-Charts
6
Two bullish ideas: Channel and Wycoff Re-accumulation PatternHigh time frame view of SC/USD. On the left, you've got a simple cup formation, that seems to be mirroring the left side. We've currently returned to a strong support area, where we should bounce over some weeks. And if we go all the way up to the top of the channel, that's $0.30+ ... 15x or more your money from this point. Lovely! On the right, a multi-year wycoff re-accumulation pattern. Where we seem to have just 'jumped the creek' (also 200MA weekly) and with the bitcoin price action, we've returned to the last point of support. Now keep an eye out for an upthrust to demonstrate a sign of strength; and then boo-ya! Big money on the upside if that runs. BTC chart doesn't have much to say, other than it's very low compared to its all time highs of 850+ sats. So obviously 10x room to grow there before we break any new ground.
POLONIEX:SCUSDLong
by Losing-Up
1
SC - closer look at this AWESOME breakout potential!I recently talked about the potential of the tech, here's a look at this amazing chart. ---------------------------------------------------- Which coins to buy? If you want to understand the functionality and effectiveness of each coin, please let me know! Please message me for the top altcoins each week- track my success Please message me for information on the latest (ICOs) Initial Coin Offerings; How to buy altcoins before they are tradable.
KRAKEN:SCUSDLong
by ManhattanBeachCapital
1
SC - breakout coming?Maybe, is T2 finally recovering? A little about SC... Sia is the leading decentralized cloud storage platform. No signups, no servers, no trusted third parties. Sia leverages blockchain technology to create a data storage marketplace that is more robust and more affordable than traditional cloud storage providers. Distributed storage will be a key component to a fault-tolerant blockchain ecosystem. Sia is the only fully-decentralized product in this space with a thoughtful design and clear product path. Siacoin scores another HUGE feather in their cap with an experienced advisor: James Prestwich a founder at Summa, a blockchain interoperability and cross-chain communication company. Formerly, he was a founder at Storj; an open-source project building decentralized, secure, and efficient cloud storage service. Unlike other cryptocurrencies that require proof of work or proof of stake, Sia implements proof of storage to protect clients from fraudulent or malicious providers. Sia’s investors include Raptor, First Star Ventures, Fenbushi Capital, and INBlockchain. ---------------------------------------------------- Which coins to buy? If you want to understand the functionality and effectiveness of each coin, please let me know! Please message me for the top altcoins each week- track my success Please message me for information on the latest (ICOs) Initial Coin Offerings; How to buy altcoins before they are tradable.
KRAKEN:SCUSDLong
by ManhattanBeachCapital
1
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!
POLONIEX:SCUSDLong
by Losing-Up
SC; another deeper look, moon cancelled?? wtf is happening?? hmm k i went deep here guys. took a look at the coinmarketcap chart which can be good sometimes to spot big macro trends. coinmarketcap.com put it on all time and log. what do you see? see there are two macro fractals as i see it now. the obvious one which ive been focusing on and the sneaky not so great one. prob some heavy bias coming into play there too. --------------------------------------- white or red (pinky red wtf it is) two options. use your stops accordingly. this will be the last SIACOIN analysis until the price action shows us which option is to unfold. glhf
POLONIEX:SCUSDLong
by Crypto-Quantum-Fox
3