IOTA has a very bearish outlook with this H&S

IOTA mad a big rally from the April low, but things seems to have turned around again. Looks like a big H&S giving targets around the April low's. The neckline is already broken and usually it should drop again from the current level. But crypto's don't care about TA rules so there still see another small rally before it starts to drop again. But like every other pattern, they can always fail! Usually when that happens we should see a strong counter move. For me the H&S remains valid as long as price stays below that red resistance area.


Previous analysis

Comment:

So it dropped out of that channel already, but no big drop yet. So as long as it stay above 1.65 there is a big chance that price goes up again towards the neckline before making another drop. So far still clearly bearish

Comment:

IOTA is also still very bearish. Looks like it has already dropped out of the bear flag, but no acceleration yet. This is because Bitcoin is still being controlled and certain people don't want to let it drop now and probably waiting for Monday.

Target is around that blue circle