As you can see from the 1h chart, price exceeded the high at 590 and peaked around 740, followed by a 30% decrease in price.
This has provided an excellent outlook going forward as I can determine the major levels of support... I have highlighted the areas of interested with grey circles.
As we all know, the cryptocurrency market can be unpredictable at times, this is why I am providing several outcomes for Siacoin in the near future.
1. Respecting the support , price will continue to trade above 500 making a move towards 850.
2. Experience a 50% drop to the lower , followed by a steady move up to 850.
Of course, price will not follow this exact outline but I am highlighting the levels it may meet before seeing a move up to 850.
These two outcomes do not factor in a correction for BTC , if we see this happen, pay close attention to the price structure provided and use it to your advantage.
In addition, price formed a valid on the 15m chart which hit TP 1 at the level, let's see if it can continue to hit 0.618.
The main purpose of this post is to highlight the key price structure within the market.
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A close above 610 would put us in good stead for a move to 850 in the near future.
If not, price will drop to lower support around 490.
I'm expecting a steady move up to 700 going into a new week.
Let's see if we continue to trade above this support level.
Pay close attention to the support trendline, a break of this would mean further downside movement.
Firstly, the resistance trendline is holding well, we may see a drop to around 500 before the big move up.
Unless we see a breakout occur soon.
Keep an eye on this price structure going forward.
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I'll have new crypto analysis up in August.