Chiboy
14 posts
$SIREN Technical Update The Daily 7MA resistance has continued to move lower and is now approaching the $0.057 area. If SIREN experiences a sharp rally today, price may still face rejection at the Daily 7MA before making another attempt higher. However, if price continues to consolidate around the $0.04-$0.05 range, I believe this may simply be a necessary accumulation phase as larger players absorb available supply and build positions. Tomorrow could be particularly important. If price continues to trade sideways as it has over the past two days, the Daily 7MA may converge with the current price range, increasing the probability of a successful reclaim and close above the Daily 7MA. In my view, the fact that this major resistance is moving lower each day actually increases the probability of a bullish breakout. Even if a strong move does not occur today or tomorrow, patience may still be required. Large players often need time to accumulate before a significant trend reversal can develop. As always, markets can change quickly. Never commit your entire portfolio to a single position. Whenever traders go all-in, the market has a habit of proving them wrong. Trade safe and manage risk carefully. — ThreeSeven #SIREN #Crypto #TechnicalUpdate
