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codewode
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Bearish
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$SC
trying another attempt of pump, looks very organic. but not sure how sustainable it will be.
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$SC Based on the SC/USDT chart with 1-month candlesticks: Observations: 1. Cup and Handle Pattern: The chart shows a rounded bottom (the "cup") formed over several months. A slight upward consolidation can be interpreted as the "handle." The price is nearing the resistance level around $0.0085, which corresponds to the rim of the cup. 2. Technical Indicators: RSI (Relative Strength Index): Currently at 66.45, indicating bullish momentum but nearing overbought territory. Volume: An increase in volume supports the idea of accumulation and the potential for a breakout. Moving Averages: The price is above the 50 MA, indicating bullish sentiment. 3. Resistance and Breakout Potential: The resistance at $0.0085 aligns with the rim of the cup. If broken with volume, it could trigger a breakout. A breakout from the cup-and-handle pattern often targets a price equal to the depth of the cup added to the breakout level, which might bring SC/USDT closer to $0.02. Technical Analysis: Pattern Validation: The cup-and-handle pattern seems valid as there is a rounded bottom followed by a small consolidation phase. Breakout Expectations: A breakout is possible if: The price closes above $0.0085 with significant volume. RSI remains below 70 without sharp divergence. Potential Risks: If the price fails to break resistance, a pullback to support levels near $0.0075 or $0.0065 is possible. Overbought RSI could lead to temporary profit-taking. Strategy: Bullish Case: Enter on a confirmed breakout above $0.0085 with volume, targeting $0.01–$0.02. Bearish Case: If rejected at resistance, wait for a pullback to support levels for a better entry. Keep monitoring the price action near the resistance level for confirmation of the breakout.
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$SC Jerome Powell, the head of the U.S. Federal Reserve (similar to a "State Bank"), is delivering an important speech today. His statements will provide clues about whether the Fed will lower interest rates on December 18. A rate cut (by 0.25%) would make borrowing cheaper, encouraging investments in markets like stocks and crypto, potentially driving prices up. Conversely, keeping rates unchanged could make money expensive, discouraging investments and causing market declines. Powell’s speech will impact not only U.S. markets but also global markets.
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$SC party over, that was it for this bull season. may be?
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$SC to the moon, please take blue pills.
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