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Cryptocurrency
by Seth Parker on November 2, 2018

Fusion Analysis – Failed descending triangle

Last day of the week starts for us with an analysis of the Fusion, so a crypto which is relatively new to the market. This instrument was introduced to traders this year and the beginning was typical. So we had a proper launch with fireworks and stuff and after that, a down trend, which wiped out almost all gains that happened on the first few days.

Current situation is optimistic though. The price created a descending triangle pattern (blue and orange) but failed to break the lower line of this pattern. The breakout to the downside was more probable but it did not happen, so we received a denied technical pattern, which promotes the movement in the opposite direction.

fusion chart

That is what is happening here. The price broke the upper line of the triangle and went higher. Today, at the end of the Asian session, Fusion is the best crypto on the market with 7% upswing. Technicals are pointing north and in the nearest future, we should see the continuation of this movement.

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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