Crypto Syscoin SYS holding above trend line support
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Since its listing on Binance, SYS has been holding above trend line support. A chart like this rewards long term holders as higher highs and higher lows are created.
Just a couple of days ago, SYS popped up to another high continuing the series of higher highs and higher lows.
We see further evidence of the uptrend noted in the Relative Strength Index (RSI) oscillator. Oftentimes, RSI will shift up and hold above the 38 reading in an uptrend or shift down and hold below the 62 reading in a downtrend. Since November, RSI has been holding above 38 indicating a strong uptrend.
There is round number resistance at a price of 1.000 just above current levels. If SYS were to correct, look for a good risk to reward entry near the upward sloping blue trend line.
Only on a breakdown below the blue trend line would we begin to consider other patterns at play and possibly a larger correction.
Good luck!
Just a couple of days ago, SYS popped up to another high continuing the series of higher highs and higher lows.
We see further evidence of the uptrend noted in the Relative Strength Index (RSI) oscillator. Oftentimes, RSI will shift up and hold above the 38 reading in an uptrend or shift down and hold below the 62 reading in a downtrend. Since November, RSI has been holding above 38 indicating a strong uptrend.
There is round number resistance at a price of 1.000 just above current levels. If SYS were to correct, look for a good risk to reward entry near the upward sloping blue trend line.
Only on a breakdown below the blue trend line would we begin to consider other patterns at play and possibly a larger correction.
Good luck!
Nota
This early January correction has simply brought SYS back to its support trend line.If SYS continues to remain strong, then it should rebound up to new highs. The January 8 low can be the stop loss in a bullish situation.
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