SC is poised for a nice breakout

BITTREX:SCBTC   Siacoin / Bitcoin
Here's the updated chart of the original projection. As you can see it hit resistance at .618 and pulled back to the support baseline where it's been trying to breakout (stopped each time at descending upper channel ceiling). Now the support and upper channel are converging at the same point and .618 has already been tested, it's time for SC to breakthrough and retest .786 and possibly 1.
It broke the support line . will it down more?
Regera AhmedOsama2020
@AhmedOsama2020, It depends on what BTC does. I'd estimate no more than -5% to the .5 support level. Given the reward/risk ratios of 3:1 to .618 and 8:1 to .786 I'd hang tight and increase position if it nears the .5 support.
+1 Antworten
@Regera, good thought . I think I will do the same but sadly , I was expecting after the triangle formed that SC would up again to 500 but I don't know what happened and I'm also afraid of breaking the next support too. what do you think man ? And Thank you for your instant reply
+1 Antworten
Regera AhmedOsama2020
@AhmedOsama2020, Be patient and let it develop. If BTC wasn't constantly retesting 10k, SC would be over 600. Unfortunately all alts rise and sink with the BTC price and when it's level that's when alts take off. This market is going to be sideways for a while and there's two sure ways to lose money: 1. selling and staying out 2. too much selling and buying when prices are rising and dropping rapidly (like now). One thing about these charts is that it allows us to trade with confidence and while the timeline might not match up, the overall trend/direction of any investment is what really matters in the end.
puneetga Regera
@Regera, very rightly said..!!
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