How to buy Siacoin

The free Siacoin cryptocurrency strategy covers everything you need to know about the best storage coin and how to buy Siacoin. The presented Siacoin trading strategy is a gap-reversal strategy that uses a very powerful trade setup, aka the ADX Gapper setup, which was popularized by famous trader Linda Raschke.

Our team at Trading Strategy Guides is working hard to put together the most comprehensive PDF guide to different cryptocurrency strategies. Previously, we covered the Bitcoin Gold Strategy which has improved the way you can mine Bitcoin, so if you’re a Bitcoin enthusiastic make sure you check that out.

Siacoin is not just another digital coin among the already crowded space with 700+ cryptocurrencies worldwide, and that number keeps growing. Cryptocurrency Siacoin has a real purpose that focuses on decentralized file storage.Here is an approach to currencies by Warren Buffett.

You can actually make money by merely renting your hard drive space to other users, and that’s the reason why Siacoin has been compared to be the Airbnb for hard drives.

Next, we’re going to discuss what Siacoin is and we’ll highlight a few reasons why Siacoin may be a good investment. We’re simply sharing this information so you can determine by yourself if Siacoin is a good investment for your crypto portfolio. Also, read how to use currency strength for trading success.

What is Cryptocurrency Siacoin?

Siacoin is a cryptocurrency that is based on sharing hard drive space. In essence, Siacoin provides new opportunities for everyone to deposit files much like Dropbox can store files (video, images, and documents) on the SIA network.

The advantages of Siacoin are that it uses a decentralized user-contributed sharing economy where you can essentially cut the cost of storing files online.

So, to purchase storage capacity, you can just use Siacoin tokens, and you can share your unused hard drive space.

Cryptocurrency Siacoin is currently the 34th most valuable cryptocurrency with more than $750 million in market capital. Current market Siacoin price is a steal at $0.021 per coin value.

Siacoin trading strategy

The traditional storage systems are not highly secured, but using a storage coin like Siacoin, the files are encrypted on the blockchain network, and they are more secure. This is reason enough for you to wish to learn how to buy Siacoin.

Moving forward, you’ll learn how to buy Siacoin by simply applying the trading rules of our free Siacoin cryptocurrency strategy.

How to Buy Siacoin

Our free Siacoin cryptocurrency strategy is a reversal trading strategy that incorporates two technical indicators to filter the market noise and increase the overall profitability of the trading reversal setups.

The first tool we use is the ADX indicator which we’re going to use to recognize the periods when the trend is strong. The ADX indicator simply measures the strength of a trend and whether we’re in a trading or non-trading period. In other words, the ADX is a trend strength indicator.

The ADX indicator doesn’t tell us whether the market is going up or down, it only measures the strength of the trend. To determine whether the trend is up or down we’re going to use the Plus Directional Index (+DI) and the Minus Directional Index (-DI).

Free Siacoin cryptocurrency strategy

The Siacoin trading strategy looks for the price to pullback against the direction of the trend, and then to ride the trend if the market resumes in the original direction.

The directional index indicator or better known as the DMI and, it is based on a scale between 0 and 100, which signals the direction of the trend. Using this tool, it can help you make accurate trades in the cryptocurrency market.

How to use the DMI indicator?

It’s very simple.

When the +DI line crosses above the –DI line that’s a bullish signal to buy cryptocurrencies. Conversely, if the –DI line crosses above the +DI line, that’s a bearish signal to sell cryptocurrencies.

Additionally, you can also determine the strength of the trend and measure the market volatility through the Directional Index indicator.

Now, before we go any further, we always recommend taking a piece of paper and a pen and note down the rules of the Free Siacoin cryptocurrency strategy. For this demonstration, we’re going to look at the buy side.

Free Siacoin Cryptocurrency Strategy

Combining together the ADX indicator with the DI indicator we get a wealth of information that can help us trade the cryptocurrency market successfully.

Note* The top secret to making money trading any cryptocurrency is using the correct indicator settings. Our backtesting results have revealed that by using a 12-period ADX and 28-period DI, we can increase our trading results.

Now, it’s time to outline our step by step guide to trading Siacoin on any time frame.

Step #1: The ADX indicator needs to be higher than 30.

The first rule needs the strength trend indicator to show a reading greater than 30.

This is the first signal that we’re about to enter into a trending period and, it is a useful information because we don’t want to enter into a market that’s not in a trend condition.

The ADX indicator will be raising in a strong bullish trend and the higher it moves the stronger the trend becomes.

How to buy Siacoin

Now that we know that a trend is about to start, we need to check if a bullish Siacoin trend will emerge so we can buy.

Step #2: The DI indicator needs to show the +DI line above the –DI line.

The directional movement indicator gives us the direction of the Siacoin trend.

The blue line is the positive DI, while the yellow line is the negative DI. When the +DI line is above the –DI line that’s a sign of a bullish trend. When the +DI line holds above the –DI and if they are also really spread apart, it signals the presence of a strong bullish trend.

So, the reading of the DI indicator also matters, because the higher the +DI line is, the stronger the trend will be. Basically, the strength of the trend is checked twice, first with the ADX indicator and then secondly, with the DMI indicator.

siacoin price prediction

The Siacoin trend satisfies both of our trading conditions which mean that we can move forward and outline what the trigger condition for our Siacoin trading strategy.

See below:

Step #3: How to Buy Siacoin: Buy at the opening of the next candle once the two trading conditions are met.

A buy stop is placed at the opening of the next candle after the first two conditions are satisfied.

Most often when the ADX indicator shows a reading above the 30 level, the directional index will already show a positive trend, so we need to get ready to buy Siacoin straightaway.

how to buy siacoin on bittrex

The next important thing we need to establish for our Free Siacoin cryptocurrency strategy is where to place our protective stop loss.

See below …

Step #4: Place protective Stop Loss below the most recent swing low

The protective stop loss should be placed below the most recent swing low point. If you’re having problems identifying swing market low points simply check when the ADX indicator bottomed. Usually, the ADX indicator offers a much clearer view of the market swing points.

Free Siacoin cryptocurrency strategy

Last but not least, we also need to define where we take profit when trading Siacoin.

See below …

Step #5: Take Profit when the +DI line crosses below the –DI line

When the DMI indicator crosses in the opposite direction, we know the trend is turning bearish and we want to take profits on our Siacoin trade.

The DMI indicator is a great tool to be used for profitable trading because it provides you with fantastic exit points.

buy siacoin with usd

Note** the above was an example of a BUY trade using the Siacoin trading strategy. Use the same rules for a SELL trade – but in reverse. In the figure below, you can see an actual SELL trade example.

coinbase siacoin

Conclusion – Siacoin Trading Strategy

The Siacoin strategy is a fantastic cryptocurrency strategy that can really be used to trade any coins out there. Although the strategy outlined in this guide only seeks to capture intraday trends, you can use the same rules on the daily Siacoin chart.

If the idea of renting your unused storage space from your hardware is appealing to you, then you might want to invest in Siacoin and add it to your crypto portfolio.

Thank you for reading!

Please leave a comment below if you have any questions about how to buy Siacoin!

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