Trade Recommendation: Siacoin

The Siacoin/Bitcoin pair kickstarted its uptrend on December 24, 2017 when the pair broke out of a bullish rounding bottom formation at 0.000002 on the daily chart. In a couple of weeks, it hovered close to 0.0000042 resistance. Investors who bought the breakout and sold at the resistance made around 110% in profits easy.  If you’re looking to ride the bullish trend, it appears that there’s more room for growth.

Technical analysis reveal that the pair has created a bullish continuation pattern on the weekly chart. It is currently consolidating as those who bought the breakout take profits. This temporary pullback is your opportunity to invest in the market while it is still in the early stages of its bull run.

The strategy is to buy as close to 0.000003 support as possible. The key is for the market to stay above 0.0000027 to preserve its momentum. Once that’s done, it will be easier for the market to achieve our target of 0.0000064.

Weekly Chart of Siacoin/Bitcoin on Poloniex

As of this writing, the Siacoin/Bitcoin pair is trading at 0.00000329 on Poloniex.

 

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.