IGNIS followed BTC and dropped broke to the downside through the bottom of the newly formed triangle. We may find new support near the 100 MA or just below (orange line) and may enter another phase of accumulation.
This is not trading or investment advice. These are my observations and I'm just having fun!
Some have asked me about Ignis.
The elevated Bitcoin dominance has kept altcoins, including IGNIS, searching for newer lows. But during the past week IGNIS showed more movement with higher volumes and gave more information to start looking for trends and patterns again.
We can see a quick push through the MA200 and over the cloud. A descending channel formed on...
Pattern: Gap filling of previous 1W Lower Highs.
Signal: Bullish once the price makes a full test of the 1D Support Zone after being rejected on the 1W Resistance Zone.
Target 0.18000 (the low of the last 1W Lower High).
