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Cryptocurrency
by Seth Parker on June 21, 2018

ReddCoin Analysis – Sideways trend continues

Last piece of the day is about the ReddCoin. I picked this one as it is also one of the biggest losers of the day (-7%). That is very interesting taking into the consideration the fact, that yesterday’s candle was very positive and many traders thought, that today, we should definitely climb higher.

It did not happen and instead of that, the price is declining. For the past few months, situation here is not so bad actually. Most of the coins are under heavy bearish pressure but the RDD is in the sideways trend and is closed in the tight range between the black resistance and the blue support. Most recently, we bounced from the support, so if the sideways trend should continue, we should see a further upswing.

ReddCoin CHart
Positive scenario here is promoted by the fact, that the RDD broke the mid-term down trendline (orange).So far, it is too early to claim the bullish victory but buyers are very close to do that. All we need for a buy signal is the price closing above the red resistance. Positive sentiment will be denied, when the price will break the black line.

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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