Now, we are back on track with the spot on analysis. Yes, we like to spoil our readers. Second crypto of the day is Status, mentioned by us previously on the 5th of July. Back in that day, the price was on the 0.087 USD and we were bearish:
“The main trend is negative and in the long-term we are still making lower lows and highs. Bearish approach will be cancelled, when the price will break the highs from May but that is less likely to happen. „
Shorty after those words were written, the price reversed and went lower. Currently, we are on the 0.059 USD and in the meantime, SNT created a symmetric triangle pattern. This formation (red lines) resulted with the breakout of its lower line, which is directly responsible for the bearish sentiment. After that, we additionally broke the horizontal support on the 0.063 USD (yellow) and then, actually now, tested it as a closest resistance. The test is positive for the sellers and the SNT is going down.
With this bounce, we should see a further decline here. The sell signal is on, as long as the price stays below the lower line of the triangle pattern.