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by Seth Parker on September 14th, 2018

Aeternity Analysis – Broken down trendline

Friday starts with the analysis of the Aeternity, which was previously mentioned on the 27th July, when the price was on the 1.91 USD. Back in that day we were bearish, seeing two negative formations at once:

„Since that, the price entered the sideways trend locked inside of the descending triangle pattern (green). This formation promotes a further drop, especially that recent bounce from the upper line ended with a head and shoulders pattern (yellow rectangle). „

aeternity chart

Since those words were written, the price was mostly going down, reaching area around 0.8 USD at the beginning of September. Great call, huh? The drop was very technical, AE made two correction patterns (orange) and respected the blue down trendline. Friday, brings us a 10% upswing and the breakout of the major down trendline. That can be optimistic and can initiate us a mid-term bullish correction. As long as the price stays above the lows from today, the sentiment is positive.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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