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Third instrument also is from the crypto space. In this piece I will analyze the Aeternity, which was previously mentioned here on the 5th of December. In the previous piece we were obviously bearish but what was great back then was the way how Aeternity was moving. The price swings were very technical and we had a hope, that this will continue:
“Recent price movements are really very technical! The price made three descending triangles in a row (orange)! Those pattern are very reliable and actually, you can clearly see why. The breakout from the most recent one is still fresh so we have a big bearish potential here. Our view is negative.”
Let’s see, we wrote that, when the price was on the 0.58 USD. Now we are on the 0.36 USD. Good catch! I think it will be fair to mention that our previous piece had a great timing as on the 6th of December, the price was already on the 0.31 USD. The most recent technical development here is the pennant formation (green lines). Pennant resulted with the breakout of it’s lower line and a further slide. With this price action we are confident about the new long-term lows pretty soon.