Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

by Seth Parker on December 27th, 2018

Komodo Analysis – Trying to escape from the rectagle

25th of July, that is the last time, when we analyzed Komodo. Back in that day, the price was slightly above the 1.6 USD and we were bearish. Mostly due to the fact that we had a negative pattern along with the bounce from the horizontal resistance:

“Currently, the price is closed inside of the flag (black lines), which is a trend continuation pattern, so it promotes a further downswing, especially that today, KMD strongly bounced from the horizontal area around the 1.83 USD. As long as we stay below the yellow area, the sentiment remains negative. „

komodo chart

Hard to think about the better piece of analysis right now! The price did exactly as expected and almost straight away. After those words were written, the price never got higher and started a huge drop. A major breakout here was of the orange support, which was slightly below the psychological support of 1 USD. Since the middle of November, Komodo is in a tight range (yellow) and this tight range should end soon. Currently, the buyers are pushing higher, even despite the whole negative sentiment around the crypto. That is quite interesting and may be a sign of a local power here. Upswing is still on the table but even if it will happen, it should not go beyond the orange resistance. As long as we stay below, the sell signal is ON.

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.

More content by Seth Parker

Comments (0 comment(s))