The following analysis is the update to our recent signal for SNMBTC.
You can see 2 charts, the upper represents long run equilibrium and trend at the SONM market. At the 1-day timeframe we can see that the price is about to finish Triangle pattern. The most important is that it broke down for a few moments right to the Major support level, afterwards it broke upward with a significant volume of trades. Indicators become neutral and positive. Overall long run TA analysis suggest that the coin has bullish mood
If we take a closer look at SNM it can be seen that at the 1 hour timeframe the coin is still bearish. The price is in the overbought state, volume is low indicators are neutral negative. It can be concluded that the breakout happened which happened before the triangle ends is fake. So the price should come back to the channel soon, where our buying zone is located.
Taking into account Long run positive TA and upcoming strong good fundamentals for this coin we recommend to wait for few days to go long or implement scalping strategy according to this and recent BTC analyses
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#SNM
Update
The price went down 0.00000569.
SNM is still bearish according to indicators: Williams Percent Range (14), Bull Bear Power and EMA, SMA & HMA are negative. We expect further decrese and entering the channel in the middle of our buying zone. Be patient to earn more