kevinthestan
Long

Sia incoming breakout update

POLONIEX:SCBTC   Siacoin / Bitcoin
My position today on SC is a long position with a very small stop loss. If it breaks the 69 satoshi support line its likely to stabalize at the previous support (61).

If it decides to breakout we could see scbtc hitting its previous 24h high of 77, time will tell.

Comments

this rise was obvious as people were just holding btc to get free coins and dump them after, but this rise is short term because on 15-16 november we will have segwit2x and alts will get a bloodbath again, now speaking about your chart again, this form of triangle is 90% of the time aindication of a downtrend meaning that sellers are tryign to break the support resistance in this case at 70, once we reach to the edge of the triangle we will see a breakdown most likely as sellers will win the battle, here you can see an example of what i am talking :) http://www.investopedia.com/terms/d/descendingtriangle.asp
+1 Reply
Plus you always draw the bottom line of the triangle where the bigest resistance is, in this case at 70 not at 69
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kevinthestan vitaminas
@vitaminas, thanks for the input! yeah as i said if it goes below 69-70 it will definitely crash down down down, im still long right now as their roadmap for november is very promising as well as the rise of the alts this week after the terrible bitcoingold fork
Reply
this is a descending triangle friend, meaning that most likely its will breakout down and not up
Reply
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