Aeternity has a bullish short-term bias, with the cryptocurrency spiking towards the best levels of the year so far
The four-hour time frame is showing that a bullish inverted head and shoulders pattern has formed
A large bearish pattern has now been invalidated on the daily time frame
Aeternity / USD Short-term price analysis
Aeternity has a bullish short-term trading outlook, with the cryptocurrency spiking towards the current 2019 price high.
The four-hour time frame shows that an inverted head and shoulders pattern has now formed, with the AE / USD pair reversing sharply from neckline resistance.
Technical indicators on the four-hour time frame appear overstretched, although they still remain bullish.
Pattern Watch
Traders should note that the November 14th swing-high remains the likely target of the newly created bullish pattern.
Relative Strength Index
The Relative Strength indicator is bullish on the four-hour time frame, although it is currently trading in extremely overbought territory.
MACD Indicator
The MACD indicator on the four-hour time frame has turned bullish and continues to issue a buy signal.
Aeternity / USD Medium-term price analysis
Aeternity has an increasingly bullish medium-term bias, with the buyers working hard to invalidated a bearish pattern on the daily time frame.
The daily time frame shows that a large head and shoulders pattern still remains play, with AE / USD bulls needing to hold price above the head of the bearish pattern.
Technical indicators on the daily time frame are bullish and are still issuing a strong buy signal.
Pattern Watch
Traders should note that it is critical that AE / USD bulls invalidate the bearish pattern on the daily time frame.
Relative Strength Index
The Relative Strength indicator is bullish on the daily time frame and shows scope for further upside.
MACD Indicator
The MACD indicator on the daily time frame has turned bullish and is starting to issue a strong buy signal.
Conclusion
Aeternity bulls have helped to cement the short-term bullish case for the cryptocurrency with the newly created inverted head and shoulders pattern.
Bulls now need to completely eradicate the presence of the bearish pattern on the daily time frame to secure the medium-term outlook for the cryptocurrency.
Our coin guide for Aeternity is perfect to learn the basics of the project.
Aeternity Chart
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