Hello Lads and Ladies,
Today we are looking into SIABTC, as it has been requested for TA. It is a low satoshi value coin, yet highly traded and anticipated by many traders because of possible humungous gains.
As we see SIABTC has pretty much a known chart pattern, anyhow the bounce of it was very high in comparison with other coins and it has found itself right now at a very interesting point.
The big question is - can SIABTC give that 5x-10x gains again?
The answer is pretty easy and obvious - YES.
Now, let us take a closer look at the daily chart.
Looking at the bounce from a very strong and historical support line at 120 satoshi, we saw it reach 341 satoshi and with it confirm the new big scale downtrend resistance.
The new small scale downtrend got set whenever we crossed the middle of Bollinger Bands the last time at 240 satoshi.
After that we tested the ascending uptrend support, but broke it after a small bounce. After this support we are now looking for a new very strong support so we can see the very big bounce, everyone is waiting for.
Right now, one might think that this level is already a big support, but this was only an intermediate support on which we went sideways -NOT a lot up - and tested the middle of BB and with it the small scale downtrend resistance.
Taking a look at RSI, we are nowhere near a bottom and definitely do not have enough momentum to break any resistances right now. Therefore, I am pretty sure that we will see a retracement of SIABTC and and after that we will see at least some kind of bigger bounce.
During a bigger bounce SIABTC will have to prove itself and break multiple resistances.
IN NUMBERS
- BUY @140/20
- SELL @170 - 200 - 270 - 345
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Cheers, Tomas