Siacoin Also Bullish (Name Your Altcoin #57)Let's finish what we started.
Ever since the 8th of February Siacoin (SCUSDT) has been undergoing a retrace.
What's the difference between a retrace and a correction?
- I call it a retrace if it is short in duration and the price remains strong.
- Correction if it goes for long and the price drops below 0.618 Fib. retracement.
It doesn't make much difference as both terms are referring to prices moving lower before the initial move is resumed.
Siacoin is bullish.
The initial low happened in late December but then we have a scam wick in early Feb., this happened on this exchange and is not something that can be found across the entire market.
This wick 4-Feb. is used to activate those stop orders sitting there for weeks or months.
We only use manual stop-loss and thus we cannot become victims of this type of manipulation move.
The retrace should go for a few more days or for as long as the market needs or wants, once this phase is over, we will experience the next bullish jump.
The resistance levels (potential targets) can be found on the chart.
Namaste.
