Siacoin (SC) A Big Bullish SetupDown channel:
The price action of the Sia coin is moving in a down channel since 19th May 2021. It can be easily observed that the priceline is making more attempts to break out the resistance of the channel than breaking down the support. It can be also noticed that after hitting the resistance on 7th July 2021 the price action of Sia cryptocurrency did not reach the support of this down channel. If we take a look at the Bollinger bands then we can understand the reason, why the price line is not moving towards the downside. The reason is that the candlesticks are having the support of the lower banks of the Bollinger bands. The Bollinger bands is also squeezed which is a signal for a big move soon.
Support and resistance levels and SMAs:
On the weekly time frame chart, we can see the major support and resistance levels. There is a very strong key level support at point $0.009 and while testing this support at the same time the price line is also having the very strong support of 50 weekly simple moving average as well. The next resistance is at $0.015 and then we have key level resistance at $0.02 because after breaking out this resistance there is no significant resistance between the highest price 2 cents. There is also 25 weekly SMA at $0.02 resistance level.
Big Fibonacci based harmonic BAT pattern:
On the weekly time frame chart, the price line of SC has formed a big bullish BAT. There is also 50 simple moving average support in the buying zone.
The buying zone as per the Fibonacci sequence of the bullish BAT can be as below:
Buy between: $0.0158 to $0.00975
Sell between: $0.0303 to $0.0523
The maximum extent of the buying zone $0.00975 can be used as stop loss.
As per the above targets, this trade has a profit possibility of up to 430%, and the loss possibility is 38%. However, at this time the loss ratio will be very low, because the priceline is already moving at the end of the potential reversal zone.
Conclusion:
The above move shows that the Sia coin can be more bullish than other top cryptocurrencies like Bitcoin, Ethereum, Binance coin, and others as well.
