SIA/BTC - I see ya!

Sia, a decentralized cloud storage platform, has been running up lately and leaving nothing but a vapor trail behind it:

SIA is absolutely exploding to the upside with great volume! Not only are we making a huge run up, but we are showing no bearish divergence anywhere. Your RSI is a big oversold so we should expect this to cool off a bit. We are currently back-testing the 50% retracement on the fib from the swing high to swing low. This is a common area to test so we could head down to recharge the tank for a further run up. You have to love the higher spike in volume compared to the previous spike up along with a higher positive spike on your MACD. Thats very bullish to see, especially how the whole market is acting lately. We also broke key horizontal resistance at 114 SATS which is also great. I would expect SIA to back test this area before we go any higher to make a proper retracement. That would be healthy for SIA for a further move up.

SIA will be undergoing a hard fork on October 31st so this could be the main catalyst. After much drama over the current mining situation with the community over the last few months David Vorick, the co founder of SIA, stated "Sia is forking today to reprimand the current ASIC monopoly for the damage it did to the Sia community, to make whole the supporters of Sia’s community ASIC project, and to send a clear message to all future Sia ASIC manufacturers: we will not tolerate an abusive ASIC monopoly". This will protect its investments in the development of Obelisk miner hardware.

What we can expect in the near future with price:

Well, we need to back test the resistance area we just broke at 114 SATS. Maybe form a nice bull flag in process. After that we need to continue with good volume and punch through the 50% fib area and head to the .618 zone. This area is around the top of your ascending broadening wedge with sits around 140-143 SATS. Although the pattern is bearish, you can use that to your advantage. It would be a great area to take some profits. You can re-enter your bullish trades if we bust through because that would invalidate the wedge and you can continue being bullish.

Got to say, you got to love what your seeing with Sia lately! Hopefully we can clean up this chart by making some proper retracements to gear ourselves for another leg up. Be careful getting too excited because we are bullish inside a bearish pattern so don't try and chase the trade. Let the trade come to you as they say. You will get a better entry so don't fomo in.

Good luck!