Siacoin approached triangle support

Siacoin is currently testing 61.8% key Fibonacci support of the recent move higher (March low to April high). The price has stopped at the confluence of support levels - 61.8% and 100 DMA, after pushing and subsequently closing below the 200 DMA. Given that we already had a retest of the 200 DMA and we couldn't return higher, it is clear that we are in the downtrend and bears are in control short-term.

A minor trend line has been created which also provides a certain level of support for bulls, however, if broken look for the quick test of the major triangle support trend line. Currently, the trend line sits at 0.00000175. In addition to the triangle support, we also have a horizontal block that will add to that support around the mentioned level.

As soon as the price touches trend line, a long setup can be initiated against the triangle trend line support.

Entry area: 0.00000175 - 0.00000180
Stop area: 0.00000165
Target 1: 0.00000204 (100 DMA)
Target 2: 0.00000217 (200 DMA)
Target 3: 0.00000235 (triangle resistance)

R:R is 2:1 if you close tour trade at Target 1.