IoTeXUpdated IOTXUSD 1W looking like H&S in play....bearish momentum
As above.
Looks like H&S formation on 1W and 1D charts. MACD on 1W is below the signal line and looking close to crossing baseline, which is bearish type momentum.
Overall, short term outlook looks bearish and may have potential for price action to tend towards previous bottom below 0.02 to 0.013 and nearly 100% retracement from local ATH in April of 2024.
Will follow.
Good luck traders.
Looks like H&S formation on 1W and 1D charts. MACD on 1W is below the signal line and looking close to crossing baseline, which is bearish type momentum.
Overall, short term outlook looks bearish and may have potential for price action to tend towards previous bottom below 0.02 to 0.013 and nearly 100% retracement from local ATH in April of 2024.
Will follow.
Good luck traders.
Note
Looks like bounce off of 0.786 Fib level as expected and now resistance at previous ascending red trendline support level.. will follow
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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.