Cryptocurrency
by Seth Parker on July 5, 2018

WAX Analysis – First resistance is reached, now time for a downswing

Today, the main word in our reviews is: resistance! Yes,most of the coins are rebounding and aiming for their resistances. Some of them are doing good, like the Status, which was going up almost 8% and some of them are declining like WAX, which we are going to analyse now.

It seems like the bullish movement on WAX has finished. We already reached an important resistance on the 0.17 USD (black) and bounced from it quite sharply. What is more, the price is inside of the flag (orange lines), which is a trend continuation pattern. The main trend is bearish, even despite the fact that the price broke the mid-term down trendline (green).

WAX Chart

Currently, the price is testing the lower line of the flag and the chances for a breakout are quite big. Price closing a day below the lower orange line will be a signal to go short on WAX.

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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