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Cryptocurrency
by Seth Parker on August 13, 2018

MaidSafeCoin Analysis – Triangle brings the downswing

The first piece of this week is about the MaidSafeCoin and this is the first time that we are writing about this crypto. Today, the main coin on the market – Bitcoin, is trying to climb higher but MAID is not following this movement and is currently one of the biggest losers on the market.

Sentiment here is bearish and it does not look like this situation is about to reverse. MAID is in the deep downtrend and most recently, the price formed a correction pattern – symmetric triangle (red lines). Formation resulted with the breakout of the lower line and the price dropped. In the same time, sellers managed to break the horizontal support on the 0.29 USD (orange), which was an additional bearish factor.

MAID chart

Currently, the sentiment is negative and the price should continue to go down. In the short-term, we should reach the 0.21 USD support (green) but in the longer term there are high chances that we will go much deeper than that.

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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