Dear Hivers,
Today I'd like to share with you yet another Long term Technical Analysis of Syscoin (SYS).
As with all other Long term analysis, I want to point out that this trade is supposed to be played out on a longer time frame and while it's possible that this trade executes itself sooner than expected, this is not the primary reason for the trade.
Syscoin has been in a strong downtrend ever since April of 2018 when the price was around ~ 0.0000657 BTC. Right now, price is sitting at ~ 0.00000260 BTC which is more than 96% drop in terms of price in BTC.
Let's look at the full picture with 1W candles to determine resistances, accumulation zone and whole picture more clearly:
https://charts.cointrader.pro/snapshot/tbDcF
On 1W candles we can see that we entered in so called "Accumulation zone" which we've been sitting in ever since August of 2019. Potential resistances are marked with red and supports with blue color. Price movement which can happen is also drawn on the chart.
Since the fall of SYS was so drastic we need to zoom in on 1D candles to see the whole picture more clearly:
https://charts.cointrader.pro/snapshot/wwHNL
Here, we can see accumulation zone in which SYS has been since July of 2019. It's very important to notice that there's been much more buying done than selling with recent buying volume spikes happening. Price even reached 0.00000600 BTC, but quickly retraced back to levels of 0.00000260 BTC.
I think the price might be in this channel, but eventually it will grow and reach targets marked in red color considering that RSI on weekly is showing increasing buy volume while the price is not moving upwards. Sooner or later, there will be much more buyers than sellers and the price will have to go up.
Considering everything written above, SYS is a good pick up between 0.000000200 BTC and 0.000000270 BTC.
Targets for this trade are:
- Target 1: 0.00000335 BTC
- Target 2: 0.00000440 BTC
- Target 3: 0.00000650 BTC
- Target 4: 0.00000790 BTC
- Target 5: 0.00000866 BTC
Thank you for reading this, make sure to leave comment if you agree or disagree with this idea. Have a nice day and I'll talk to you all soon.
Kind regards,
~ crixus
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