Looks like there might be an ascending triangle on IOTA. Be careful of a false break!
Note
A failed break over the resistance but the bottom resistance is still holding steadily. I think if we get the momentum we'll see a successful breakthrough.Note
Alright, my mistake, it looks like I put the resistance in the wrong place (not sure why I placed it there, then didn't pay attention to that in the last comment). Here's what we might be expecting. You could argue a double top, although I don't think we've seen enough increase for that to be the case. Keep your eyes pealed for cracks through the resistance/support!Note
Off we go!Trade closed: target reached
If you bought near the bottom of the triangle and sold near the bottom, that's a 15% gain, although more realistically if you waited for the break and sold at the second "hump" (a bounce back after the peak that fails to reach the peak again—confirmed by being a previous resistance, suggesting we've hit the peak), you made closer to 6%. Still a nice trade!Note
Could also be an ascending triangle, just be aware if you want to hop on the next ride possibly!
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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.