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Cryptocurrency
by Seth Parker on September 7, 2018

WAX Analysis – Breakout from the flag, bounce from the resistance

Another coin with the biggest upswing today is the WAX, which on Friday is up more than 5%. Previously, we talked about this instrument on the 21st of August and we saw a bearish pattern. We did not say ‘sell now’ but instead of that, we mentioned the exact trigger point for that:

“Now, we are waiting for the breakout of the lower line of this pattern. In my opinion it should happen relatively soon, so traders should get ready for the new mid-term lows here. „

wax chart

That pattern was a flag and the breakout happened two days ago. The price did not manage to break the 0.082 USD resistance (yellow) and went lower. Situation here is similar to this one on the Qash but the flag patterns are not so regular (at least the first one). The outcome is the same though. The price broke the lower line of the flag and bounced from the resistance. That is a sell signal regardless of the instrument or the timeframe.

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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