SCBTC trade ideas
New price trend showing upWe finally have a new price trend showing after the break of the last trend line. We have stabilized in the 160-170 sat range and have steadily held this against strength held in bitcoin. The third touch of the trendline gives us moderate confidence in this trend and it still needs to be watched, especially if bitcoin surges again. If the price holds against another large surge in bitcoin, we are likely at the bottom for SC, which would see us improving price over the next 3-4 months. Of interest to note is that we have positive news for SC coming in the next month: September update release which finally provides file sharing, the first SPV wallet release about a week away and the biggest would be the start of the beta for minebox. Minebox is the one I'm watching closely, as it will become the first commercial application of Sia, which will also be a first for any cryptocurrency. Minebox beta is expected to last through september and then go into release of version 1.0 near the end of the month. I cannot overstate the value of a real world application such as minebox on what will happen to SC price. A successful launch of a commercial product with Sia as its backbone is proof of concept, which means companies such as Amazon S3, dropbox and other providers must take them seriously as a storage infrastructure option. I'm sure they are also watching closely the results of the beta. This could very well be the last time we will see SC at these prices as it starts to follow the normal crypto bubble curve upwards towards its' ATH and beyond.
If you are not in this trade yet, you should closely watch the price trend against BTC price to see if the trend holds. Buy in smaller quantities and if the trend continues to hold, continue to buy-in over the next 2-3 weeks before minebox beta is complete. The upside reward could be significant. If minebox beta has problems, then wait for a potential pullback to buy more.
I am starting to accumulate another 10M SC at this level. If the price trend holds, I will add another 10M SC near the middle of September.
One final note: David Vorick is on the Mark Cuban backed venture capital fund. There's a reason he's on this panel, because he is an extremely talented and knowledgeable individual in the crypto space. It would be good for you to know who David Vorick is and his vision for Sia. You can see more information here:
www.reddit.com
Sia is a long term hold. My original estimation of 1-2 months in doubling of price is still valid, and given where Sia is in the crypto cycle right now, I am seeing that this will be an extremely conservative estimate, and we are more likely to see $.04 in 6 months if SC breaks its' ATH.
SC Rocket Leaving SoonSC has established a possible long term bottom around 150-160 sats -0.19% . It has now just broken out of a descending triangle and is looking good to rocket soon. The big trigger is around 191 sats -0.19% . Once we pass that with some volume we are going up, up, up. RSI is super strong, Stoch suggests some downside before spike, but as we saw in Monero, Stoch is not always to be trusted short term. When the 4hr candle closes above 191 and the Chikou span crosses from below it will be confirmation of upside. At that point strap yourselves in.