IOTA Wedge - 50 MA bounce
About a week ago I drew this wedge and haven't touched it.
The 50 day MA has followed EXACTLY along the bottom trend line, and the wedge starting to look bullish as the 100 day MA begins to form.
I believe we will bounce off the 50 day moving average for either a good scalp or (if we get enough trading volume) to new or previous all time highs. If neither we will see it continue to consolidate. Possibly even retrace lower if the price of Bitcoin falls more.
The MACD and RSI are back at similar levels they were right before the last huge run up also.
Let me know your thoughts and critique in the comments! Would love to hear opinions and pointers on my charting skills.
The 50 day MA has followed EXACTLY along the bottom trend line, and the wedge starting to look bullish as the 100 day MA begins to form.
I believe we will bounce off the 50 day moving average for either a good scalp or (if we get enough trading volume) to new or previous all time highs. If neither we will see it continue to consolidate. Possibly even retrace lower if the price of Bitcoin falls more.
The MACD and RSI are back at similar levels they were right before the last huge run up also.
Let me know your thoughts and critique in the comments! Would love to hear opinions and pointers on my charting skills.
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