Cryptocurrency
by Seth Parker on July 30, 2018

Ardor Analysis – Surge is wiped out

Last altcoin of the day is Ardor. Mentioned by us on the 18th of July, straight after an impressive upswing. It is hard to be negative, when the price is surging but we were cautious and were seeing a high chances for a bearish correction:

“Sentiment is positive but most probably, we will witness a bearish correction first. Some of the traders will try to take profits now but most probably, the upswing will continue, at least in the mid-term. „

ardor chart

We were right, the correction came straight away. The upswing from the 18th of July is entirely wiped out, so the buy signal is cancelled. The fact that the price bounced from the yellow area is a definitive mood killer here and opens us a way towards new lows.

In the mid-term, we still have two supports left. First one is the horizontal support on the green area and the dynamic support (blue), which is connecting recent higher lows. Once this one will be broken, we will get a proper sell signal with the potential target on the lows from the end of June.

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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