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Cryptocurrency
by Seth Parker on November 1, 2018

SiaCoin Analysis – 14% down in one day? Hold my beer

The biggest loser today is the SiaCoin, which is going down almost 14%. We have to admit that all this was totally predictable as the price moves very technically in the past few months. Last time, we mentioned this instrument on the 10th of October, when we were inside of the flag formation. Back in that day, we were bearish and we saw a great chance for a further drop:

„Price closing a day below the lower black line will be a legitimate sell signal and chances for that are quite high. Buy signal will be triggered, when the price will break the yellow horizontal resistance but this is less likely to happen. „

siacoin chart

This support mentioned above was broken one day later! After that, the price created another flag (green lines) and on the 28th of October, we broke the support again. Actually, for the SC, we are currently having the 6th bearish day in a row, which shows us the scale of the bearish momentum. In the bigger picture, the price is drawing an ascending triangle pattern (upper yellow, lower blue). In this case, we do have higher chances for the bearish breakout here. The price closing below the blue line will be a legitimate signal to go south and that is our view on this instrument.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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