Interpretation Of IOTA
Updated
Target: Between the red dotted lines.
Reason: The first thing that we can see is a bullish divergence on the MACD that indicates a reversal in trend (Higher lows while candles are lower than previous). But I think that IOTA could drop within a couple of hours. The reason is because the price failed to breach the 200 EMA (Pink line) and needs a retest of its support before taking off. I believe that we will be seeing a drop to around the area of the drawn lines (Could be lower). A large falling wedge seems to have formed on the chart also. A decrease in volume seems to indicate a short term shift of moment to bearish trend.
Time: Within 2 days.
Reason: The first thing that we can see is a bullish divergence on the MACD that indicates a reversal in trend (Higher lows while candles are lower than previous). But I think that IOTA could drop within a couple of hours. The reason is because the price failed to breach the 200 EMA (Pink line) and needs a retest of its support before taking off. I believe that we will be seeing a drop to around the area of the drawn lines (Could be lower). A large falling wedge seems to have formed on the chart also. A decrease in volume seems to indicate a short term shift of moment to bearish trend.
Time: Within 2 days.
Trade closed manually
It is a bearish pennant with a false breakout. target was completely wrong.
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