SiaCoin (SC) Market Sentiment Analysis
Last updated
Last updated
SC is like an extension of the BTC coin that can provide and support contracts for files. Therefore, the up or down of BTC will have a little influence on it.
– The market is currently under the pressure of the Segwit case so BTC can only go around and possibly get depressed before going up strongly.
– The current psychology of investors is confused and worried, everyone is afraid of the market crashing because it simply has 100 billion.
– Segwit bit analysis: Segwit is a Bitcoin upgrade and in the code when programming if there is more than 95% consensus vote, the update will be active. In my personal opinion Segwit only makes BTC stronger. There are 2 cases: 1 is Segwit unsuccessful, then Bitcoin is still BTC, it is still strong and classy. 2 is successful Segwit, the memory will be up to 4G and the processing system will be faster and when your transactions will no longer be pending as before, the order queue will have more space and be processed faster.
Conclusion: Form is temporary but Bitcoin's class is forever. SC will follow it up after 1/8. (personal opinion).
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III . Technical analysis A. W chart analysis (year-frame) what is siacoin - siacoin analysis year frame
The market rallied from May 1 and peaked around 840 on June 19 and then retraced sharply and is currently trading around the 61.8% fibo at 302. An acceptable retracement of the market. financial market Bollinger bands between W are pointing up, showing that the market trend is still up in the long term. Expect a retracement around the 190-260 support zone or lower if it backtests at 12. MACD is about to cross but still trading above zero, still expect it to go around 260 and then go up. Stoch is spreading a bit wide so it's normal for SC to go back to 260. The cash flow is still at 79, so it is likely that SC will drop more to reduce the positive cash flow, then need more support of negative money flow into the market so it can increase strongly.
CONCLUSION: In the coming time, SC can return to around 190-260, then depending on psychology, the market can rise from this support level or not? In my personal opinion: After touching the support zone 190-260, there will be a slight buying force and if it crosses around this area before August 1, after August 1, SC will start to move up from the zone. This and when it's up, I will continue to analyze it for you to have a better view of SC and find a reasonable Take Profit point.
According to the trendline, the market is under strong downward pressure after breaking the support level 420 and is looking to approach the support level 242 at fibo 161.8% and maybe more at 167. In this area SC is almost impossible to go down. even if SC is not wiped out from the coin market. MACD is widening and has not seen any divergence, so the possibility of falling further to 242-260 is easy.
Stoch signals oversold but almost meaningless. Money flow on this frame is almost exhausted at 25 Looking at the Zigzag chart, there will be an up wave and that wave will at least touch 470 but that is the future before it reaches 24x. CONCLUSION : The trend is strongly down. The possibility of testing the support level 242-260 will then have the force of money coming in and there may be a strong wave that can go to 470 or maybe more if the market is good. Who is afraid can watch out at 470. If you want to learn about Primexbt crypto trading, let's follow gitbook blog
The ZZ wave on the H4 frame is already too much, if you hug this price, you should not come out. If you want to come out, wait for 470.
There is a very strong support at 218. If the price falls back there and gets bought up heavily and closes the Daily candle above 320, that could confirm the start of an up wave. Conclusion: The trend is still down. The nearest support is at 218.
CONCLUSION: A + B + C =>> The market is going down quite clearly. If you want to buy, buy around 218-260. In this zone, if there is a reversal signal of the candle H4 or above, you can buy. The simplest possible reversal candle is the Pinbar or Hammer candle being the most beautiful. If you find it hard to find on Google key pinbar (a candle with long legs), this candle will understand.
