After breaking the strong down trending resistance line, which started in late 2017, i expected IOTA to start climbing higher again.
That wasn't the case and an ascending triangle was formed.
On the weekly it looks like it is breaking out. It could go up again into the triangle and no dump occurs,
but if it stays / closes below the resistance line, a fall to the first levels i marked seems likely.
Getting all the way down to 0.105 cents is a bit unrealistic, but theoretically the textbook target of an ascending triangle.
Lets see if the price can get above the resistance again, if not, a fall is very likely.
Note
This is the 4H chart. Trying to get into the triangle again.Note
The Flag on the 4H broke to the downside:Second daily candle close under the triangle:
Note
Iota got back into the triangle, if it closes inside the trade is not valid anymore.
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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.