Siacoin Bounced Off The Support

Siacoin has rejected the support based on 227.2% Fibonacci retracement applied to the corrective wave after the downtrend trendline breakout. The support at $0.0033 has been respected by the market and after a number of bounces Siacoin went up sharply.

It moved from $0.0033 up to $0.0055 while breaking the downtrend trendline and the 200 Moving Average. Today Siacoin approached the high established on the 9th of November and did reject it. Although it went above the 200 MA once again and stays above.

The uptrend probability is high, especially if Sia manages to break above $0.0055. The first target is 127% Fibonacci applied to the corrective wave after the downtrend trendline breakout. Second target 227.2% and the Final and most important is at 327.2% that is $0.0097. It is the most important as it is based near the $0.01 psychological round number and the current upside wave could very well lead exactly to that target.

On a downside, only a daily close below $0.0033 support would invalidate bullish outlook.

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