Descending Right Triangle on IOTA - Updated v2
Updated
Hi all,
This is an update to my previous chart that had some slight drafting inaccuracy. We are still within channel and on track despite the recent price spike.
IOTA is forming a right triangle descending wedge . Minus the wicks, this forms an even horizontal support line at .82USD. When hinged with a 90-degree angle, the descending wedge forms.
Rule of chart shows this as a continuation and would elude to a downward trend. Given IOTA's rapid growth, I am skeptical and am partial towards expecting a faux shake-out to occur just below the .82 support line before an upward correction. If the trend continues beyond the .73 horizontal expect some more blood to come.
This is an update to my previous chart that had some slight drafting inaccuracy. We are still within channel and on track despite the recent price spike.
IOTA is forming a right triangle descending wedge . Minus the wicks, this forms an even horizontal support line at .82USD. When hinged with a 90-degree angle, the descending wedge forms.
Rule of chart shows this as a continuation and would elude to a downward trend. Given IOTA's rapid growth, I am skeptical and am partial towards expecting a faux shake-out to occur just below the .82 support line before an upward correction. If the trend continues beyond the .73 horizontal expect some more blood to come.
Comment
We broke outward from channel but continue to test what was previously our resistance and is now functioning as our support. Appearing downward for the time being.
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