IOTA looking top heavy - Possible Drop to from failed breakouts
Updated
Chart is showing a lot of resistance on IOTA to go higher, while it is in a coiled channel, with afurther decending wedge, the momentum appears weak. Anticipate a possible push up from the wedge followed by a failed breakout at the MA, for a possible rejection down and a breakout toward the downside below the old horizontal support.
**note this is not intended for financial advise and is for educational purposes.
**note this is not intended for financial advise and is for educational purposes.
Note
This short trade on IOTA has ended and IOTA is ready to go back to test the support level (horizontal black line).On the hourly chart we can see a double top with heavy resistance at the 21900 level.
Expecting IOTA to drop back to re-test the support at 21600. If this support holds it will help overcome the resistance as the trading range narrows. Otherwise it will break to the downside and find support at the 100 day MA around the 18500 point.
*Note this is not financial advise and is intended for educational purposes.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.