IOTA has fallen from its ATH at 5.80$ to 1.10$ within a well defined trend channel. It has tested both limits and they have shown enough strength.
Actually IOTA touches the upper limit of the trend channel; also it has reached a swingtrend line (orange). To continue its positive way it should break through those two resistances - and that is not very probable.
RSI is gaining force but will it be enough positive momentum to do the job?
ADX: momentum has surpassed maximum, AD- declining and AD+ on 20 (trendless)
conclusion:
I would take profit on this level and wait until IOTA has reached the lower limit of the trend channel for new investments.
This analysis fails, when IOTA breaks through the resistances and leaves the trend channel.
Have a nice day!
Actually IOTA touches the upper limit of the trend channel; also it has reached a swingtrend line (orange). To continue its positive way it should break through those two resistances - and that is not very probable.
RSI is gaining force but will it be enough positive momentum to do the job?
ADX: momentum has surpassed maximum, AD- declining and AD+ on 20 (trendless)
conclusion:
I would take profit on this level and wait until IOTA has reached the lower limit of the trend channel for new investments.
This analysis fails, when IOTA breaks through the resistances and leaves the trend channel.
Have a nice day!
Trade active:
IOTA is still in its falling trend channel and on the way to the lower limit.
Trade closed: target reached