After completing a big double top formation, IOTA got caught in a downward channel. It was saved for some time by horizontal support which broke today. Also RSI is pushed down by a negative slopeline. If this RSI-line breaks a retest of horizontal support around 0.000193 seems likely, if the RSI-line doesn't break and goes deeper into oversold area IOTA might leave the current channel on the downside! Most likely though is that IOTA will stay in the channel retest former support which will become resitance, after which IOTA should form a lower low.
Note
Developing as planned :)Trade closed: target reached
Drop might be stopped by possible longterm support.. we have to wait and see if the downward channel crumbles, but for now lets close this short.
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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.