Hello! Would you say at this point more down movement is likely? I rather feel that syscoin market is too small to follow market rules that technical analysis tries to see, and price depends more on things like news from developers.
Equand
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Hi, I think if it breaks the support line it might land on top of triangle again as it did last time however in three months the triangle reverses so it can spiral down from there. As you can see the next fib channel is huge so it will have more opportunities there without squeezes.
All follow the market rules but it depends on time spectrum and trade volume/book fattiness. There is a strong correlation there, though I had no time to record it. Anyway syscoin is actually in that position where if it falls - nothing bad happens, it will bounce back. However if it grows then it can do 1000% overnight. The reason is exactly thin books and high trade volume. If you want to make money of it I suggest buy some now and put a price in say 500% range (don't be greedy). Wait year or two, something will happen. But look closely at the devs. Their actions (and mostly development) affects coins the most. I burned my hands on qora.
Thing is if you put 0.1 btc in risk/reward ratio is 100%/500%, however at what time period?