On Jan 30, the Siacoin price initiated a rapid increase and has moved upwards by roughly 100% since.
Siacoin (SC) Highlights
- The price has made a double-bottom.
- There is strong resistance at 45 satoshis.
- There is support between 26 and 28 satoshis.
- A golden cross is about to transpire.
$SC
— Bagsy (@imBagsy) February 18, 2020
Price seeks liquidity. Send tweet. pic.twitter.com/Risr5vRrmg
Double-Bottom
Between September 2019 and January 2020, the Siacoin price made a double-bottom at 16 satoshis, which is also an all-time low. The double-bottom is considered a bullish reversal pattern Furthermore, the pattern was combined with a strong bullish divergence in the weekly RSI. The price has already moved above the high between the two lows, which is found at 29 satoshis (dashed white line). This movement was combined with a weekly RSI push above 50. This suggests that the price will move towards the next resistance area at 45 satoshis. This area acted as support in 2017, and a breakdown below it caused the price to plummet and reach new all-time lows.
Golden Cross
The daily chart shows that the price has moved above both the 50 and 200-day moving averages (MA). The former has turned sharply upward, making a bullish cross inevitable within this week. The support area is predicted to be at 27-29 satoshis.
Future Movement
Using a Fib retracement tool for the previous decrease beginning in April 2019, the 42-49 satoshi area is found between the 0.5-0.618 Fib level. Since it is also a previous support area, it is expected to provide resistance — a slightly different target than was given in the tweet. As long as the price is trading above the previously mentioned 27-29 satoshi support, it should continue to move towards this resistance area.
To conclude, the Siacoin price has broken out above a significant resistance area and validated it as support. As long as it stays above this area, it will likely increase towards 42-49 satoshis.
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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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